Study the image below to answer the questions. Which of the following represents the situation of change in quantity demanded caused by a fall in the price of the commodity? [1 mark]
What is the situation implies in the case where the demand is greater than unitary elastic when percentage change in quantity demanded in response to change in price of the commodity?
Elasticity of demand, measured by comparing the ratio of percentage change in the quantity demanded to the percentage change in the price of a commodity, is known as