Answer
If the elasticity is greater than 1, it is elastic. If it is zero then it is inelastic.
Work Step by Step
Elasticity > 1 is elastic
Elasticity < 1 is inelastic
Principles of Macroeconomics 7th Edition
by Mankiw, N. Gregory
Published by
South-Western College
ISBN 10:
1-28516-591-8
ISBN 13:
978-1-28516-591-2
Chapter 5 - Elasticity and Its Application - Questions For Review - Page 108: 3
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