economic lowdown video series—video 1: what is elasticity?\n3 of 8\nelastic demand means that:\nconsumers…
economic lowdown video series—video 1: what is elasticity?\n3 of 8\nelastic demand means that:\nconsumers are not sensitive to price changes\nquantity demanded changes proportionately less than price changes\nquantity demanded changes proportionately more than price changes\nthe price of the good remains constant
Answer
Brief Explanations:
Elastic demand occurs when the percentage - change in quantity demanded is greater than the percentage - change in price. So consumers are very sensitive to price changes.
Answer:
Quantity demanded changes proportionately more than price changes