Demand is said to be price elastic, if the absolute value of price elasticity of demand is

Assessment: WAEC SSCE - Agricultural Science - 2013 (Objective) Subject: Agricultural Science

Question 1 Report

Demand is said to be price elastic, if the absolute value of price elasticity of demand is
Answer Details
Price elasticity of demand is a measure of how responsive the quantity demanded of a good is to a change in its price. If the absolute value of price elasticity of demand is greater than one, then the demand is said to be price elastic. This means that a small change in the price of the good will result in a relatively larger change in the quantity demanded of the good. In other words, the demand for the good is sensitive to changes in price.
Read lesson note on Factors Of Production (WAEC)
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