Each week Bill buys exactly 10 hot dogs regardless of their price.Bill's own price elasticity of demand for hot dogs IN ABSOLUTE VALUE is:
A) greater than 1.
B) less than 1.
C) 1.
D) zero.

Question

Quizplus · Accepted Answer

Bill's own price elasticity of demand for hot dogs is zero because he always buys 10 hot dogs regardless of their price. This indicates that his demand is perfectly inelastic.

Each Week Bill Buys Exactly 10 Hot Dogs Regardless of Their