Question

For a certain good, when price rises from $50 to $55, quantity demanded falls from 8,400 to 7,500. The price elasticity of demand here is _____________, making the demand for this good ____________ in the price range between $50 and $55.

Answer 1

Step-by-step explanation:

The price elasticity of demand is PERFECTLY ELASTIC making the demand for the goods FALL in the price range between $50 and $55.