Questions

The design plans for the U-shaped skyscraper ‘The Big Bend’ in New York, hailed as the world’s longest building, have been revealed. The 4,000-foot long building will feature an elevator system that can travel in curves, horizontally and in loops.

If the percent change in quantity demanded is less than the percent change in price, economists label the demand for the good as inelastic.

A good that is inelastic does not have very stretchy demand. In economic terms, the quantity demanded does not change a lot when the price changes.

So, if the price of a good increases by 10 percent and the quantity demanded decreases by only 5 percent or less than 10, that good is said to have inelastic demand.

Hence, in this case, consumers are not considered very sensitive, or responsive, to a change in the price of that good.

Simhika