00:01
Hello students, we are given a question here when there are few close substitutes available for a good demand tends to be.
00:08
So we are given here some options perfectly in elastic, relatively in elastic, perfectly elastic or relatively elastic.
00:16
So we can just say that here.
00:18
First of all, the elasticity is the responsive of quantity.
00:21
The elasticity is the responsiveness of quantity of quantity of quantity demanded of a quantity demanded because of change in price because of a change in a price okay students further we can just say that here that the product doesn't have many substitutes so the product product does not have does not have many substitutes students substitutes so the consumer does not so the consumer does not change demand much even change the demand much even change the demand much even if a much even, okay, students if a price changes.
01:50
Price changes.
01:54
So basically elasticity is above one, so it is relatively inelastic.
01:58
So we can even mention below that.
02:00
So the elasticity is a, the elasticity, students is a above minus one...