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loris [4]
3 years ago
14

The price elasticity of demand for a good is likely to be less elastic​ __________.

Business
1 answer:
mariarad [96]3 years ago
4 0

Answer:

if a change in the price of the good brings about a much smaller change in the quantity demanded for the good.

Explanation:

<em>The price elasticity of demand is a measure of the change in the demand for a good in relation to a change in the price of the same good. </em>Mathematically, the price elasticity of demand for a product is represented as:

Price elasticity = change in the quantity demanded/change in price

The value of price elasticity of demand ranges from 0 to infinity. The price elasticity of demand is

  • relatively inelastic when the value is less than 1,
  • unitary elastic when it is equal to 1,
  • relatively elastic when it is greater than 1,
  • perfectly inelastic when it is equal to 0, and
  • perfectly elastic when the value is infinity.

<u>Less elastic price elasticity of demand is equivalent to relatively inelastic price elasticity. This thus means that the price elasticity of demand is less than 1; a percentage change in the price of the good brings about a disproportionately smaller percentage change in the quantity demanded for the good.</u>

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