9.Ed>1 represents
a.elastic demand
b.inelastic demand
c.unitary demand
Dear student
Ed > 1 represents elastic demand.
option (a) is correct
according to total expenditure method..If the price of the product or commodity falls and the expenditure by the consumer increases then it is elasticity of demand greater than 1. It means quantity demanded increases in greater proportion to a fall in price.it happens in normal goods.
Regards
option (a) is correct
according to total expenditure method..If the price of the product or commodity falls and the expenditure by the consumer increases then it is elasticity of demand greater than 1. It means quantity demanded increases in greater proportion to a fall in price.it happens in normal goods.
Regards