Final answer:
The demand for exercise equipment by a person with high cholesterol who must exercise daily is inelastic because their requirement to exercise renders price changes less significant in their purchasing decisions.
Step-by-step explanation:
The type of demand for exercise equipment a person has if they have high cholesterol and must exercise an hour every day can be classified as inelastic. This is because the individual is required to exercise due to a health condition, making the need for exercise equipment less sensitive to price changes. The elasticity value is less than one, indicating a low responsiveness to price changes in this scenario.
In this case, regardless of a change in the cost of this equipment, the person must purchase it to meet their health requirements. This necessity is what broadly defines the demand as inelastic. As the price change has a smaller effect on the quantity demanded for necessities, such as prescribed exercise equipment for health reasons, it fits the definition of inelastic demand.