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If the co-efficient of elasticity of demand is 1.5, then the demand is

Economics
WAEC 2008

If the co-efficient of elasticity of demand is 1.5, then the demand is

  • A. fairly inelastic
  • B. perfectly elastic
  • C. elastic
  • D. inelastic
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Correct Answer: Option C
Explanation

A 1.5 co-efficient of elasticity of demand means that the demand is elastic. This means that a small change in price leads to a large change in quantity demanded. Meaning the product is elastic (or sensitive to price changes).

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