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Sagot :
Demand is elastic if the formula yields an absolute value greater than 1. To put it another way, quantity varies more quickly than price. The demand is inelastic if the value is less than 1. So, quantity changes more slowly than price.
The quantity requested or supplied responds to price changes in a way that is larger than proportionate, according to elastic demand or supply curves. A demand or supply curve that is inelastic will result in a lesser percentage change in quantity sought or supplied for a given change in price. More elastic is D1. It is true that if two demand curves cross, the one with the smaller slope (in absolute value), the flatter demand curve, is more elastic, even if elasticity and slope are not the same. As a result of being flatter, Upper D 1 is more elastic than Upper D 2.
To learn more about inelastic click the link below:
brainly.com/question/28192591
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