Suppose a 10% increase in the price of aspirin leads to a 5% decrease in the quantity demanded of aspirin. the demand for aspirin, therefore, is

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29-09-2017
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Suppose a 10% increase in the price of aspirin leads to a 5% decrease in the quantity demanded of aspirin. the demand for aspirin, therefore, is

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ahmedishaal ahmedishaal · Answer 1 · 2017-10-08T23:14:39+02:00

The answer is that the demand for aspirin is inelastic.
Inelastic demand is the type of demand when the percentage change in price is greater and the percentage change in demand decreases less than that.
for example if the price of something increases by 50 percent but demand of that thing decreases by only 5 percent than we can say that this is inelastic demand. in this case price of aspirin increases 10 percent but demand decreases 5 percent so the demand is inelastic demand.