Question

If 0<η<1, then the demand is

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Answer 1

Answer:

equal to 1 because all are in a

line of quadernt

esilia usaka answer 1 hoga

Answer 2

Answer:

If 0<η<1, then the demand is Inelastic.

Step-by-step explanation:

Given :

0<η<1

To Find:

Type of demand

η is used to denote the elasticity. It is the percent change in price.

An economic word known as "inelasticity" describes an item or service's static quantity when its price varies. When prices rise, consumers' purchasing patterns essentially stay the same, and when prices fall, those same purchasing patterns still hold true. This is known as inelastic demand.

It is said to be "completely" inelastic if elasticity = 0, in which case its demand will not alter regardless of price.

The elasticity of demand is unitary if the value is 1. In other words, changes in quantity follow those in price.

Therefore, If 0<η<1, then the demand is Inelastic.

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