-Refer to the above table. For which prices is demand inelastic?
A) in a range of prices below $6.00
B) in a range of prices above $6.00
C) in a range of prices between $5 and $1
D) in a range of prices above $9.00

Question

-Refer to the above table. For which prices is demand inelastic?
A) in a range of prices below $6.00 
B) in a range of prices above $6.00 
C) in a range of prices between $5 and $1 
D) in a range of prices above $9.00

Quizplus · Accepted Answer

Demand is inelastic when the percentage change in quantity demanded is less than the percentage change in price. Typically, this occurs at lower price ranges where consumers are less sensitive to price changes.

-Refer to the Above Table