Question

If the elasticity is demand for fav lifts is -1.0, you can say that demand for this service is...

•elastic
•inelastic
•unitary elastic
•all of the above
•none of the above

Answer 1

inelastic

Step-by-step explanation:

If price elasticity of demand for fav lifts is -1.0 then the demand for this service is inelastic as the percentage change in quantity demanded is less than the percentage change in its price. This means that the price elasticity of demand (PED) is less than 1.