Given the following price and quantity demanded of good X, we know that demand for good X is inelastic over this range.

Question

Quizplus · Accepted Answer

Inelastic demand means that a change in price leads to a relatively smaller change in quantity demanded. From the given information, we cannot determine the exact price and quantity values, but we know that over this range of prices, quantity demanded does not change significantly in response to a change in price, indicating inelastic demand.

Given the Following Price and Quantity Demanded of Good X