Demand is price elastic  situation is occurring if a 1 percent decrease in price results in more than a 1 percent. The price elasticity of demand is the ratio of the percentage change in quantity demanded to the percentage change in price for a product.
Economists use it to understand how supply and demand fluctuate as the price of a product varies. An elastic demand is one in which the change in quantity sought as a result of a price change is large. An inelastic demand is one in which the change in quantity required as a result of a price change is modest.
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