Explain why the price elasticity of demand is generally a negative number, except in the cases where the demand curve is perfectly elastic or perfectly inelastic. What would be implied by a positive price elasticity of demand?
Explain why the price elasticity of demand is generally a negative number, except in the cases where the demand curve is perfectly elastic or perfectly inelastic. What would be implied by a positive price elasticity of demand?
Chapter5: Price Elasticity Of Demand And Supply
Section: Chapter Questions
Problem 19SQ: What is the price elasticity of demand for a vertical demand curve? a. Perfectly inelastic b....
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