Fine demand for a product is inelastic with respect to price

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If demand for a product is inelastic with respect to price, this means that: people are responsive to the price changes of this product and the absolute change in quantity demanded is greater than the absolute change in price. people are responsive to the price changes of this product and the magnitude of the percentage change in quantity demanded is greater than the magnitude of the percentage change in price. people are not very responsive to the price changes of this product and the absolute change in quantity demanded is less than the absolute change in price. people are not very responsive to the price changes of this product and the magnitude of the percentage change in quantity demanded is less than the magnitude of the percentage change in price.

Reference no: EM13181841

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1/24/2020 4:21:17 AM

Why is the quantity of education demand in private Universities much more responsive than salt is to changes in price ?

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