(Solved): Question 27 5 pts If a 10 percent reduction in the price of a commodity results in a 10 percent incr ...

Question 27 5 pts If a 10 percent reduction in the price of a commodity results in a 10 percent increase in quantity demanded, the absolute value of the price elasticity of demand coefficient is

and demand is said to be

0 : perfectly inelastic <1; inelastic 1: perfectly elastic 1; unit elastic