On a spreadsheet there are two types of variables independent and dependent. Independent variables refer to those that can be changed and their value that is changing. A dependent variable is something that remains the same and the value of it does not change.
Demand is price elastic, is occurring if a 1 percent decrease in price results in more than a 1 percent increase in quantity demand.
<h3>What is price elastic?</h3>
Price elastic of demand means the measurement of the product's demand with respect to its price.
It is common that if the price of a product will increase, the demand will fall, but some products demand fall more than other products, which is measure by price elastic in demand.
Thus, the correct option is demand is price elastic.
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Explanation:
Five phases guide the new product development process for small businesses: idea generation, screening, concept development, product development and, finally, commercialization.
