The price elasticity of demand measure the responsiveness of the % change in the quantity demand of a good due to % change in the price of a good.
When change in quantity demand of a good is more responsive due to change in the price, it has elastic demand.
Hence it can be said that the demand for a good is said to be elastic when the percentage change in the quantity demand of a good is more than the percentage change in the price of a good.
Hence option fourth is the correct answer.
Option fourth is elastic.
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