Final answer:
The demand for a good with a price elasticity coefficient of 1.75 is described as elastic, meaning demand greatly changes in response to price alterations.
Step-by-step explanation:
The price elasticity coefficient measures the responsiveness of quantity demanded to changes in price. A coefficient greater than one indicates that the demand is elastic, meaning consumers are highly responsive to price changes. Thus, with a price elasticity coefficient of 1.75, the demand for the good in question is classified as elastic. This is in contrast to inelastic demand, where an elasticity coefficient of less than one signifies that consumers are not very responsive to price changes.
It is important to note that this concept is independent from 'income elasticity of demand,' which measures changes in demand in response to changes in consumer income, and helps to categorize goods as either 'normal' or 'inferior.' This elasticity does not directly relate to the price elasticity mentioned in the question.