Demand for electricity is elastic..?
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Hey mate ❗❗
Demand for electricity is inelastic,as electricity is an essential of life.
And demand is inelastic is elasticity of demand is less than Unity (1).
✨ Hope this helps you ✨
Demand for electricity is inelastic,as electricity is an essential of life.
And demand is inelastic is elasticity of demand is less than Unity (1).
✨ Hope this helps you ✨
ayaanmalik13:
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hlo
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Summary: Demand for electricityconsumption is relatively inelastic to price implying that there are few options available to the consumer in response to changes in the price of energy. Price elasticity is inelastic but is more elastic in the long-run than the short-run.
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