Define or explain the concept of 'unitary elastic demand'.
Mayank Ranka , 4 Years ago
Grade 12th pass
Botany> Define or explain the concept of 'unitary...
2 Answers
Vikas TU
Last Activity: 4 Years ago
Dear student
In case of unitary elastic demand, the proportion of change in demand is equal to proportion of change in price. which means the change in the ratio of the price of the goods and services is equal to the change in demand of the goods and services.
Vikas Amritiya
Last Activity: 4 Years ago
The demand for a good is unitary elastic if a change in the price of that good causes an equal change in quantity demanded. In other words, the elasticity coefficient is equal to 1.
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