The price elasticity of demand for food tends to be price inelastic when the absolute value is less than 1.0.
What is Price Elasticity?
This refers to the measure of the effect of a price change that is supplied to customers.
Hence, we can see that when factoring in the price elasticity for food items, it is price inelastic simply because food is essential and as such, the price of the food item does not have a huge impact on the demand.
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