Question

2. the quantity of tacos demanded rises from 90 units to 110 units when the price falls from $1.20 to $0.80 per unit. find the own-price elasticity of tacos and explain what it means.

Answer 1

A change in a commodity's price will inevitably lead to a change in its demand. With the aid of a method called price elasticity, the impact of the modification is quantified.

What is it called when a percentage change in price has no impact on the quantity demanded?

A perfectly inelastic demand is one in which the quantity demanded does not change in response to a change in the price of the underlying good. The elasticity of demand in this situation is zero.

When a factor impacting demand changes but the price of the good remains constant, there is a change in demand.

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