Price Elasticity of Demand?
The price elasticity of demand for a good is 5. Which of the following would be an explanation for this?
A. The good is a necessity.
B. The good is broadly defined.
C. Expenditure on the good is a large portion of one's total income.
D. The time interval considered is short.
E. Expenditure on the good is a small portion of one's total income
- cactusgeneLv 78 years agoFavorite Answer
There is some data missing from your query to properly answer it. But here is a site with a pretty darn good explanation of this principle and how it is applied: