Table 6-3

-Refer to Table 6-3.Over what range of prices is the demand inelastic?
A)over the entire range of prices
B)between $12 and $16
C)between $8 and $16
D)between $2 and $8

Question

Table 6-3
 
-Refer to Table 6-3.Over what range of prices is the demand inelastic?
A)over the entire range of prices 
B)between $12 and $16 
C)between $8 and $16 
D)between $2 and $8

Quizplus · Accepted Answer

Demand is inelastic when the percentage change in quantity demanded is less than the percentage change in price. Typically, this occurs at lower price ranges where consumers are less sensitive to price changes.

Table 6-3 -Refer to Table 6-3.Over What Range of Prices Is the of Prices