(Answered) If a good is a necessity, its demandIf a good is a necessity, its demandis always unit-elastic.is…

➤ How do we measure price elasticity of demand for a necessity?
Compute elasticity as the percentage change in quantity divided by the percentage change in price. Use the midpoint (arc) formula for discrete changes and estimate with sales data or regression analysis. An absolute elasticity value below one indicates the good is price inelastic.