I need the answer as soon as possible 46. If elasticity of demand is very low,it shows that the commodity isA. O A necessityB. O A luxuryC. O Has little importance in totalbudgetD. O a' and 'c' above

Elasticity of demand measures how much responsive the quantity demanded is towards any changes in…

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5. If elasticity of demand is very low it shows that the commodity is

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter5: Elastic And Its Application

Section: Chapter Questions

Problem 3QR

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Concept explainers

Equilibrium Price and Quantity

Equilibrium refers to a state of balance that comes about because there is equality in all forces.

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I need the answer as soon as possible

46. If elasticity of demand is very low,
it shows that the commodity is
A. O A necessity
B. O A luxury
C. O Has little importance in total
budget
D. O a' and 'c' above

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