identify which statements describe elastic, inelastic, or unit elastic price ela
ID: 1136549 • Letter: I
Question
identify which statements describe elastic, inelastic, or unit elastic price elasticity of demand. Elastic Inelastic Unit elastic Answer Bank when Cowboy Blues lowers the price of ther blue jeans by 57.0%the number of jeans sold increases by 34.0%. When Cowboy Blues raises the price of their blue jeans by 420%, the number of jeans sold decreases by 650. When Cowboy Blues lowers te price of their blue ,cans by 5.0%, the number of jeans sold increases by 5.0%. When Cowboy Blues lowers the price of their blue jcans by 31.0%, the number of jeans sold increases by 45.0% when Cowboy Blues lowers the price of their blue jeans by 24.on, the number of jeans sold increases by i 30%.Explanation / Answer
Elastic demand is when the change in the quantity demanded in response to the change is more than the change in the price. On the other hand, a demand is inelastic when the quantity demand doesn't change much in response to the change in the price. Unit elastic is when the change in the demand and price are the same.
Elastic events:
Unit elastic event:
Inelastic:
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