Whether you're a student or a professional, IDNLearn.com has answers for everyone. Ask your questions and receive comprehensive and trustworthy answers from our experienced community of professionals.
Sagot :
Answer:
Inferior.
Explanation:
A price elasticity of demand can be defined as a measure of the responsiveness of the quantity of a product demanded with respect to a change in price of the product, all things being equal.
Mathematically, the price elasticity of demand is given by the formula;
[tex] Price \; elasticity \; of \; demand = \frac {Percentage \; change \; in \; price}{Percentage \; change \; in \; demand} [/tex]
A good for which an inverse relationship exists between the demand for the good and income is an inferior good.
Thank you for being part of this discussion. Keep exploring, asking questions, and sharing your insights with the community. Together, we can find the best solutions. IDNLearn.com provides the best answers to your questions. Thank you for visiting, and come back soon for more helpful information.