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AnswersRelated What is the value of elasticity of demand if the demand for the good is perfectly elastic?a)0b)1c)Infinityd)Less than 0Correct answer is 'C'. Can you explain this answer? Infinity because price does not change but demand change due to change in other factors
1 Crore+ students have signed up on EduRev. Have you? When demand is perfectly inelastic, quantity demanded for a good does not change in response to a change in price. Finally, demand is said to be perfectly elastic when
the PED coefficient is equal to infinity. When demand is perfectly elastic, buyers will only buy at one price and no other.
Related What is the value of elasticity of demand if the demand for the good is perfectly elastic?a)0b)1c)Infinityd)Less than 0Correct answer is 'C'. Can you explain this answer?
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Infinity because price does not change but demand change due to change in other factors What is the value of elasticity of demand if the demand for the good is perfectly elastic?When the price elasticity of demand is perfectly elastic (Ed is − ∞), any increase in the price, no matter how small, will cause the quantity demanded for the good to drop to zero.
What is the value of elasticity if it is perfectly elastic?The PES for perfectly elastic supply is infinite, where the quantity supplied is unlimited at a given price, but no quantity can be supplied at any other price.
What is the value of perfectly elastic demand?Perfectly elastic demand curve is horizontal straight line. This is because at the given price the quantity demanded is infinite, even if there is a slight change in the price the demand becomes infinity and hence the curve is flat.
What is a demand when the elasticity coefficient is less than 1 but greater than 0?If the value is less than 1, demand is inelastic. In other words, quantity changes slower than price. If the number is equal to 1, elasticity of demand is unitary.
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What is the value of elasticity of demand if the demand for the good is perfectly elastic A 0 B 1 C infinity d less than 0?
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