CBSE BOARD XII, asked by pravinbothra585, 4 months ago

Q-9) What does the negative sign of Ed represents ?
Q-10)Define elastic demand.​

Answers

Answered by sangeetagupta1303198
11

  1. The negative sign means that the good is inferior, and, because the coefficient is less than one, demand for the good does not respond significantly to a change in income.
  2. What is the meaning of elastic demand?

answer

Key Takeaways

Elasticity of demand refers to the change in demand when there is a change in another factor, such as price or income. If demand for a good or service is static even when the price changes, demand is said to be inelastic. Examples of elastic goods include luxury items and certain food and beverages.

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