Asked by Charlotte Laprarie on Jul 05, 2024
Verified
Among teenagers,the average demand for cigarettes is _________,ranging from 0.76 and 1.20.
A) highly inelastic
B) approximately unit elastic
C) highly elastic
Approximately Unit Elastic
A situation in economics where the percentage change in quantity demanded is roughly equal to the percentage change in price, indicating an elasticity of demand close to one.
Teenagers
Individuals who are in their teenage years, typically between the ages of 13 and 19.
- Embrace the theory and aftermath of demand price elasticity.
- Identify factors that influence the elasticity of demand and supply.
Verified Answer
DK
Dylan KloseJul 12, 2024
Final Answer :
B
Explanation :
The range of values for the demand is relatively narrow, indicating that changes in prices would likely have a somewhat proportional effect on the quantity demanded. This suggests that the demand is approximately unit elastic.
Learning Objectives
- Embrace the theory and aftermath of demand price elasticity.
- Identify factors that influence the elasticity of demand and supply.