Consider cell phones over the past twenty years. They have become more and more essential for...
Consider cell phones over the past twenty years. They have become more and more essential for everyday life. As a result, over time the PED of cell phones has become more elastic.
a. True
b. False
Homework Answers
False.
If the good is more elastic ,it means even in the small change in the price can cause heavy change in the quantity demanded.
On the other hand if the demand is inelastic then even at very high changing in the price the quantity demanded will not change so much.
so in the case of cell phones as they are becoming more and more essential ,people are getting addicted to it. They will not think too much about changing the price.
Even the price Rises too much the quantity demand will not so much less so much.
Therefore inelastic demand
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