Price has fallen to great extent but quantity demanded haven't increased relatively compared to price.
So we can say elasticity is less than 1
i.e., 0<e<1
Sugam SM
CA Inter
★ 9K+
29-Jun-22 00:30
There are lot of general examples
Where in, In winter season if price of ice cream falls at higher price and quantity consumed will be less as compared to drop in price.
