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If a demand for a product is elastic the value of the price elasticity coefficient is?

Updated: 8/19/2022

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∙ 11y ago

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greater than one

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Q: If a demand for a product is elastic the value of the price elasticity coefficient is?

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What does it mean if the price elasticity of demand is 2?

It's an elasticity coefficient of demand: deltaD/deltaP When the coefficient is >1 it is an elastic demand When the coefficient is <1 it is a nonelastic demand

Different degrees of elasticity of demand?

Perfectly elastic demand. Relative elastic demand. Unit elasticity of demand. Relative inelastic demand. Perfectly inelastic demand.

In terms of elasticity of demand necessities are?

Relatively elastic

How does the price range affect the elasticity of demand for a product?

Demand for a good can be elastic at a low price but inelastic at a high price. YouRE VERY WULCOM novanet ANSWER =)

Explain what is meant by Price Elasticity of Demand?

there are broadly classified into five types 1. Perfect price elasticity of demand 2. Perfect price in-elasticity of demand 3. Relative price elasticity of demand 4. Relative price in-elasticity of demand 5. Unity price elasticity of demand

Related questions

What does it mean if the price elasticity of demand is 2?

It's an elasticity coefficient of demand: deltaD/deltaP When the coefficient is >1 it is an elastic demand When the coefficient is <1 it is a nonelastic demand

What is unitary elasticity?

The term unitary elastic is used in economics and is also known as unitary elastic demand or unitary elasticity. It is a measure that is used to show the elasticity of the amount demanded of a product to a change in the price of the product.

Different degrees of elasticity of demand?

Perfectly elastic demand. Relative elastic demand. Unit elasticity of demand. Relative inelastic demand. Perfectly inelastic demand.

What is cross elastic?

Cross price elasticity of demand measures the responsivenss of demand for a product to a change in the price of another good.

What does the availability of many substitutes have on the elasticity of the demand for a good?

Demand is elastic

In terms of elasticity of demand necessities are?

Relatively elastic

When a firm's marginal revenue is zero what can be said about the elasticity of demand for the output of the firm A. Demand is inelastic. B. Demand is elastic. C. Demand is unit elastic.?

Demand is unit elastic.

How does the price range affect the elasticity of demand for the product?

Demand for a good can be elastic at a low price but inelastic at a high price. YouRE VERY WULCOM novanet ANSWER =)

How does the price range affect the elasticity of demand for a product?

Demand for a good can be elastic at a low price but inelastic at a high price. YouRE VERY WULCOM novanet ANSWER =)

Explain what is meant by Price Elasticity of Demand?

there are broadly classified into five types 1. Perfect price elasticity of demand 2. Perfect price in-elasticity of demand 3. Relative price elasticity of demand 4. Relative price in-elasticity of demand 5. Unity price elasticity of demand

A cross elasticity of demand coefficient of plus 2.5 indicates that the two products are substitutes?

True or False: A cross elasticity of demand coefficient of +2.5 indicates that the two products are substitutes.

What effect does the availability of many good substitutes have on the elasticity of demand for a good?

Demand is elastic

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