Assume that the quantity of film is plotted on the horizontal axis and all other goods plotted on the vertical axis.For the range in which the price-consumption curve is upward sloping,the price elasticity of demand for film:

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Quizplus · Accepted Answer

When the price-consumption curve for a good is upward sloping, it indicates that as the price of the good increases, the quantity demanded also increases. This behavior is characteristic of a Giffen good, where the demand curve slopes upward due to the income effect outweighing the substitution effect. In such cases, the price elasticity of demand is inelastic, meaning that the percentage change in quantity demanded is less than the percentage change in price.

Assume That the Quantity of Film Is Plotted on the Horizontal