The term "Unitary elastic" is used when the price elasticity of demand is equal to 1.
For example, change in price from 10 to11 (+10%) causes change in quantity from 10 to 9 (-10%). 10%/10%=1.
Unitary Elastic for the Elasticity of Demand is a proportionate change in price and quantity. This means that the reaction of consumers to price changes is stable and not dramatic like elastic products, and not small or no changes in quantity like inelastic products. It's in the middle of these two. As price goes up or down for unitary products, the total revenue from it stays relatively the same.
Perfectly inelastic demand, perfectly elastic demand, elastic demand, inelastic demand etc.
elastic
Perfectly elastic demand. Relative elastic demand. Unit elasticity of demand. Relative inelastic demand. Perfectly inelastic demand.
it is the graphic representation of the changes in demand due to the availability of equal important substitude.
It's an elasticity coefficient of demand: deltaD/deltaP When the coefficient is >1 it is an elastic demand When the coefficient is <1 it is a nonelastic demand
Perfectly inelastic demand, perfectly elastic demand, elastic demand, inelastic demand etc.
The demand is elastic when the price is low. So people will buy more good so that it's demand will become more elastic. Moreover ,the demand is elastic when there are some new inventions.
Demand is unit elastic.
elastic
difference between elastic and inelastic demand
Perfectly elastic demand. Relative elastic demand. Unit elasticity of demand. Relative inelastic demand. Perfectly inelastic demand.
there are five types.1).perfect elastic demand,2)perfect inelastic demand,3).relatively elastic demand,4).relatively inelastic demand4).unity elastic demand
it is the graphic representation of the changes in demand due to the availability of equal important substitude.
It's an elasticity coefficient of demand: deltaD/deltaP When the coefficient is >1 it is an elastic demand When the coefficient is <1 it is a nonelastic demand
Highly elastic.
A perfectly elastic demand is represented on the traditional supply and demand graph with a straight horizontal line. An elastic demand that is not perfect would be represented as any line with a slope between 0 and -1.
When Demand is perfectly elastic, Marginal Revenue is identical with price.