economic lowdown video series—video 2: factors that influence price elasticity of demand\n3 of 6\nif a good…

economic lowdown video series—video 2: factors that influence price elasticity of demand\n3 of 6\nif a good takes up a large portion of a consumers income, its demand is likely to be:\nprice elastic\nprice inelastic\nunit elastic\nperfectly elastic

economic lowdown video series—video 2: factors that influence price elasticity of demand\n3 of 6\nif a good takes up a large portion of a consumers income, its demand is likely to be:\nprice elastic\nprice inelastic\nunit elastic\nperfectly elastic

Answer

Brief Explanation:

When a good takes up a large portion of a consumer's income, consumers are more sensitive to price changes. A small price - change can significantly impact their budget, so they adjust their quantity demanded more. This makes the demand price elastic.

Answer:

Price elastic