Table: Elasticities $$\begin{array} { l llll } \hline { \text { I } } & \text { II } & \text { III } & \text { IV } \ \hline \left| E _ { \mathrm { d } } \right| 1 \text {, elastic } & \left| E _ { \mathrm { d } } \right| 1 \text {, inelastic } & \left| E _ { \mathrm { d } } \right| 1 \text {, unit elastic } &\left| E _ { \mathrm { d } } \right| 1 \text {, elastic } \ \left| E _ { \mathrm { d } } \right|

Question

Table: Elasticities $$\begin{array} { l llll } \hline { \text { I } } & \text { II } & \text { III } & \text { IV } \ \hline \left| E _ { \mathrm { d } } \right| > 1 \text {, elastic } & \left| E _ { \mathrm { d } } \right| > 1 \text {, inelastic } & \left| E _ { \mathrm { d } } \right| > 1 \text {, unit elastic } &\left| E _ { \mathrm { d } } \right| > 1 \text {, elastic } \ \left| E _ { \mathrm { d } } \right| < 1 \text {, inelastic } & \left| E _ { \mathrm { d } } \right| < 1 \text {, elastic } & \left| E _ { \mathrm { d } } \right| < 1 \text {, elastic } & \left| E _ { \mathrm { d } } \right| < 1 \text {, unit elastic } \ \left| E _ { \mathrm { d } } \right| = 1 \text {, unit elastic } & \left| E _ { \mathrm { d } } \right| = 1 \text {, perfectly elastic } &\left| E _ { \mathrm { d } } \right| = 1 \text {, inelastic } & \left| E _ { \mathrm { d } } \right| = 1 \text {, inelastic } \ \hline \end{array}$$ Which column in the table is correct? A) Column I B) Column II C) Column III D) Column IV

Quizplus · Accepted Answer

Column I is correct because it correctly classifies the elasticity of demand as elastic, inelastic, or unit elastic based on the absolute value of the elasticity coefficient.

Table: Elasticities Which Column in the Table Is Correct? A) Column I

Table: Elasticities Which Column in the Table Is Correct?
A) Column I