A good with an absolute value of the price elasticity of demand of 0.5 indicates that it has an inelastic demand. This means that the quantity demanded for the good is not very responsive to changes in its price. In other words, if the price of the good increases or decreases, the change in the quantity demanded will be proportionally smaller. For example, if the price of the good increases by 10%, the quantity demanded might only decrease by 5%. This is typical for goods that are considered necessities or have few substitutes.
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