Answer the question on the basis of the following demand and supply data: $ \begin{array}{cccc}\text {Quantity Demanded}&&
\text {Quantity Supplied}\\underline{\text { Per Month }} &\underline{\text { Price }} &\underline{ \text { Per Month} } \ 30& \$ 8 & 44 \ 36 & 7 & 38 \ 42 & 6 & 30 \ 50 & 5 & 20\end{array} $ Refer to the data.The demand for this product is elastic in the $8-$7 price range.

Question

Answer the question on the basis of the following demand and supply data: $ \begin{array}{cccc}\text {Quantity Demanded}&&
\text {Quantity Supplied}\\underline{\text { Per Month }} &\underline{\text { Price }} &\underline{ \text { Per Month} } \ 30& \$ 8 & 44 \ 36 & 7 & 38 \ 42 & 6 & 30 \ 50 & 5 &  20\end{array} $ Refer to the data.The demand for this product is elastic in the $8-$7 price range.

Quizplus · Accepted Answer

The demand is considered elastic when a small change in price leads to a significant change in quantity demanded. In this case, the demand is expected to be elastic in the price range of $8-$7, indicating that consumers are likely to respond to a price change in this range by adjusting their purchases accordingly.

Answer the Question on the Basis of the Following Demand