Question

if my ped is -0.5 is my no. elastic or inelastic ​

Answer 1

Answer:

Economists define the elasticity coefficient such that:

 

if ED >1, then demand is elastic

 

if ED = 1, then demand is unit elastic

if ED < 1, then demand is inelastic

∵  -0.5 > 1

∴ It's ELASTIC

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