An increase in the demand for notebook raises the quantity of the notebook demand but not the quantity of supplied is this statement true or false? Explain.

Question : Statement 1: If the price elasticity of demand for a product is -1.5, a 10% increase in price will result in a 15% decrease in quantity demanded.

Statement 2: The absolute value of the price elasticity of demand represents the percentage change in quantity demanded for

Question : Statement 1: The demand for a product is perfectly inelastic when quantity demanded remains constant regardless of price changes.

Statement 2: Perfectly inelastic demand implies that any change in price will cause an infinite change in quantity demanded.

Question : Statement 1: Demand for a product is perfectly elastic when quantity demanded becomes infinite at a specific price.

Statement 2: Perfectly elastic demand implies that any increase in price will cause quantity demanded to drop to zero.

Question : Statement 1: Price elasticity of demand is not applicable to perfectly elastic demand.

Statement 2: Perfectly elastic demand implies that any change in price leads to an infinitely large change in quantity demanded.

Question : Statement 1: Elasticity of demand measures the sensitivity of quantity demanded to changes in price.

Statement 2: If the percentage change in price is greater than the percentage change in quantity demanded, demand is considered elastic.