If at a price of $24, Octavia sells 36 homegrown orchids and at $30 she sells 24 homegrown orchids, what is the demand for her orchids?
A)Elastic
B)Inelastic
C)Unit-elastic
D)Perfectly elastic

Question

Quizplus · Accepted Answer

The demand for Octavia's orchids is elastic because the percentage change in quantity demanded is greater than the percentage change in price, indicating that consumers are sensitive to price changes in this scenario.

If at a Price of $24, Octavia Sells 36 Homegrown