is soap elastic or inelastic supply
elastic
elastic
Unit elastic - Describes a supply or demand curve which is perfectly responsive to changes in price. That is, the quantity supplied or demanded changes according to the same percentage as the change in price. A curve with an elasticity of 1 is unit elastic.
Yes, the supply of a good will be more elastic if the price of the good increases.
is soap elastic or inelastic supply
yes,its price elastic
elastic
elastic
Unit elastic - Describes a supply or demand curve which is perfectly responsive to changes in price. That is, the quantity supplied or demanded changes according to the same percentage as the change in price. A curve with an elasticity of 1 is unit elastic.
Yes, the supply of a good will be more elastic if the price of the good increases.
it means that price is elastic. Price elastic means that a little change in the price will cause a substantial change in the quantity demanded.
Yes, the concept of unit elastic versus elastic demand is better understood through comparing their price sensitivity levels. Unit elastic demand occurs when the percentage change in quantity demanded is equal to the percentage change in price, while elastic demand occurs when the percentage change in quantity demanded is greater than the percentage change in price.
Price inelastic
The price elasticity of bathing soap is 1, (a one-percentage change).
when price changes it is called inelastic demand and when quantity of demand change that is called elastic of demand.
A unitary-elastic supply indicates a good with a supply-price elasticity of one, which means that a 1% change in price increases supply by 1%.