Here are some leaders who donât match our ideal: 1  The teenage gang leader who has âstreet credâ, is tough and prepared to defy the law, even if it means shooting his way out of trouble. 2  Stalin, admired by some Russians who like tough leaders, even if ruthless.
When price and total revenue move in the same direction, demand is relatively inelastic. True: when price and total revenue move in the same direction, demand is relatively inelastic. Why will the price elasticity of demand will be greater when the price of a good is higher relative to a consumer's income. A higher priced good will have a higher price elasticity of demand.
When a change in price causes a less than a proportionate change in quantity demand, demand is said to be inelastic. The elasticity of a good is here less than I or less than unity. For example, a 30% change in price leads to 10% change in quantity demanded of a good, then: