Refer to the following table to answer the questions that follow.
-As presented in the table,the rate of inflation (or deflation) from 2001-2002 was (rounded to two decimal places) :
Definitions:
Elasticity of Demand
An index indicating the degree to which demand for a product changes in response to a price change, where an elasticity greater than one signifies a high level of responsiveness.
Income Elasticity
A measure of how much the demand for a good or service changes with a change in consumers' income.
Most Elastic
Refers to the responsiveness of demand or supply to changes in price, with the most elastic being the most sensitive to price changes.
Perfectly Elastic
A situation in a market where the quantity demanded or supplied responds infinitely or disproportionately to changes in price.
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