What does the term “elastic” describe? the way consumers make substitutions demand whose elasticity is exactly equal to 1 demand that is very sensitive to a change in price demand that is not very sensitive to a change in price

Although appealing to more refined tastes, art as a collectible has not always performed so profitably. during 2003, an auction house sold a sculpture at auction for a price of $10,211,500. unfortunately for the previous owner, he had purchased it in 2000 at a price of $12,177,500. what was his annual rate of return on this sculpture? (a negative answer should be indicated by a minus sign. do not round intermediate calculations and enter your answer as