If the elasticity of demand for a product is -0.5, this means that ::?

اگر کسی پروڈکٹ کی مانگ کی لچک -0.5 ہے، تو اس کا مطلب ہے کہ ::؟

Demand is perfectly elastic

Demand is inelastic

Demand is unit elastic

Demand is elastic

If the elasticity of demand for a product is -0.5, this means that demand is inelastic.
Inelastic demand indicates that a percentage change in price leads to a smaller percentage change in quantity demanded.
Specifically, a demand elasticity coefficient between 0 and -1 signifies inelastic demand.