If the elasticity of demand for a good at a certain price is greater than one, we describe demand as _____.

Social Studies

1 answer:

Alekssandra [29.7K]3 years ago

6 0

Answer:

Elastic demand

Explanation:

Price elasticity of demand is a concept that seeks to measure the sensitivity of demand to the price of a good or service. Thus, if demand is elastic, it means that even small variations in price have a strong impact on demand. Conversely, if demand is inelastic, variations in the price of the good will not greatly affect demand, meaning consumers will continue to demand that particular good or service.

The calculation of the price elasticity of demand consists in the division between the variation of the quantity demanded by the variation in the price practiced. If the result is greater than 1, demand is considered elastic (price sensitive). Conversely, if elasticity is less than 1, demand is considered inelastic (little price sensitive). If elasticity equals one, then the change in demand is exactly the same as the price change.

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