I apologize for the incorrect answer. The correct answer is A. EP>1
Are you sure
I apologize for the confusion in my previous responses. To determine the correct answer, we need to know whether the price elasticity of betelnut is greater than, equal to, or less than 1. Without this information, it is not possible to determine the correct option from the given choices.
It's less than 1
If the price elasticity of betelnut is less than 1, it means that the demand for betelnut is inelastic. Therefore, the correct answer would be D. EP=<0<1.
Rea you sure
I apologize for the confusion earlier. If the price elasticity of betelnut is less than 1, it means that the demand for betelnut is inelastic. Therefore, the correct answer is D. EP=<0<1.
Explain this: EP=<0<1
I apologize for the incorrect notation in the previous response. The correct notation should be 0 < EP < 1, which means that the price elasticity of betelnut is less than 1 but greater than 0. This indicates an inelastic demand for betelnut, which means that the percentage change in quantity demanded is less than the percentage change in price. In simpler terms, when the price of betelnut changes, the quantity demanded changes, but it does so to a lesser extent.
