Question

demand is incelastic if​

Answer 1

Answer:In economics, inelastic demand occurs when the demand for a product doesn't change as much as the price. For example, if the price increases 20%, but the demand only goes down by 1%, the demand for that product is said to be inelastic.

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Answer 2

Answer:

An inelastic demand is one in which the change in quantity demanded due to a change in price is small. If the formula creates an absolute value greater than 1, the demand is elastic. In other words, quantity changes faster than price. If the value is less than 1, demand is inelastic.