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Complete the following statement: When the percentage change in quantity demanded is more than the percentage change in price, the demand curve is ______. Options
Advertisement Remove all ads SolutionWhen the percentage change in quantity demanded is more than the percentage change in price, the demand curve is flatter. Concept: Types of Price Elasticity of Demand Is there an error in this question or solution? Advertisement Remove all ads Chapter 3.2: Elasticity of Demand - Exercise [Page 34] Q 1. (4)Q 1. (3)Q 1. (5) APPEARS INBalbharati Economics 12th Standard HSC Maharashtra State Board Chapter 3.2 Elasticity of Demand Advertisement Remove all ads When percentage change in quantity demanded is less than percentage change in price the demand curve is steeper?Answer and Explanation: 1) When the percentage change in the quantity demanded is less than the percentage change in price, then demand is C. inelastic.
When the percent change in quantity demanded is less than the percent change in price for a good then that good's demand is?If the percent change in quantity demanded is less than the percent change in price, economists label the demand for the good as inelastic. So, if the price of a good increases by 10 percent and the quantity demanded decreases by only 5 percent, that good is said to have inelastic demand.
When percentage change in quantity demanded is less than the percentage change in price than demand curve is a flatter B steeper C rectangular hyperbola D horizontal?Demand is said to be inelastic, When the demand for a good is less responsive to its price. In this case, the percentage change in the demand for a good is less than the percentage change in its price and |ed| < 1. The demand curve in such situations is steeper.
When the percentage change in quantity demanded is less than the percentage change in the price of the product demand is said to be inelastic?Finally, if the quantity purchased changes less than the price (say, -5% demanded for a +10% change in price), then the product is deemed inelastic.
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When percentage change in quantity demanded is less than the percentage change in the price the demand curve is?
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