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The value elasticity of demand is -2.5 This means that the demand is highly inelastic True/False

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter5: Elastic And Its Application

Section5.1: The Elasticity Of Demand

Problem 1QQ: Define the price elasticity of demand. Explain the relationship between total revenue and the price...

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The value elasticity of demand is -2.5

This means that the demand is highly inelastic

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