Justin never keeps track of the sales and discounts offered in the stores at various times of the year, while his sister does.This implies that Justin has a higher price elasticity of demand than his sister.

Question

Quizplus · Accepted Answer

Price elasticity of demand refers to how sensitive the quantity demanded of a good is to a change in its price. Justin's behavior of not keeping track of sales and discounts suggests he might be less sensitive to price changes (inelastic demand) compared to his sister, who actively looks for sales and discounts (indicating a more elastic demand).

Justin Never Keeps Track of the Sales and Discounts Offered