Table 5-5

-Refer to Table 5-5. When price is between $5 and $9, demand is
A) elastic.
B) unit elastic.
C) inelastic.
D) There is not enough information given to determine whether demand is elastic, unit elastic, or inelastid.

Question

Table 5-5
 
-Refer to Table 5-5. When price is between $5 and $9, demand is
A) elastic. 
B) unit elastic. 
C) inelastic. 
D) There is not enough information given to determine whether demand is elastic, unit elastic, or inelastid.

Quizplus · Accepted Answer

According to the table, when the price is between $5 and $9, the quantity demanded only changes from 20,000 to 18,000, which indicates that the percentage change in quantity demanded is much smaller than the percentage change in price. This implies that demand is inelastic.

Table 5-5 -Refer to Table 5-5. When Price Is Between $5 and Is