Answered: If the absolute value of elasticity of…

If the absolute value of elasticity of demand for chocolate is 0.64 then the demand for chocolate is considered: a. elastic b. inelastic c. unit elastic d. yummy elastic

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

If the absolute value of elasticity of demand for chocolate is 0.64 then the demand for chocolate is considered:

a. elastic

b. inelastic

c. unit elastic

d. yummy elastic

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