Question

Compare and contrast what classifies traffic as either elastic or inelastic. Briefly explain your answer.

Answer 1

$difference$

ELASTIC DEMAND

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•If percentage change in quantity demanded is larger than percentage change in price, demand would be elastic.

•Elasticity coefficient (e)>1

•Demand curve is less stripped.

INELASTIC DEMAND

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•If percentage change in quantity demanded is less than percentage change in price, demand would be inelastic.

•Elasticity coefficient (e)<1.

•Demand curve is stripped than demand curve in elastic demand.

MARK BRAINLIEST✓✓