If the price elasticity of demand for moose hunting lessons is 4.23,then the demand for moose hunting lessons is
A) elastic.
B) unit elastic.
C) inelastic.
D) perfectly unit elastic.
E) perfectly elastic.

Question

Quizplus · Accepted Answer

A price elasticity of demand greater than 1 indicates that the demand is elastic, meaning that a change in price will result in a proportionately larger change in the quantity demanded. A price elasticity of demand equal to 4.23 is relatively high, indicating that the demand for moose hunting lessons is sensitive to changes in price.

If the Price Elasticity of Demand for Moose Hunting Lessons