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Elasticity expressed by formula 1 > e > 0 is ________.
  • a)
    Perfectly elastic
  • b)
    Perfectly inelastic
  • c)
    Relatively elastic
  • d)
    Relatively inelastic
Correct answer is option 'D'. Can you explain this answer?
Verified Answer
Elasticity expressed by formula 1 > e > 0 is ________.a)Perfectl...
E = ∞ Perfectly elastic
E = 1 Unit elastic
E = 0 Perfectly inelastic
1 < E < ∞ Relatively elastic
1 > E > 0 Relatively inelastic
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Most Upvoted Answer
Elasticity expressed by formula 1 > e > 0 is ________.a)Perfectl...
The formula for elasticity (denoted as "E") is typically expressed as:

E = (% change in quantity) / (% change in price)

It represents the responsiveness of a variable (usually quantity demanded or supplied) to a change in another variable (usually price).
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Elasticity expressed by formula 1 > e > 0 is ________.a)Perfectly elasticb)Perfectly inelasticc)Relatively elasticd)Relatively inelasticCorrect answer is option 'D'. Can you explain this answer?
Question Description
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