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We would love to personalise your learning journey. Sign Up to explore more. Sign Up or Login Skip for now Uh-Oh! That’s all you get for now. We would love to personalise your learning journey. Sign Up to explore more. Sign Up or Login Skip for now No worries! We‘ve got your back. Try BYJU‘S free classes today! Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses No worries! We‘ve got your back. Try BYJU‘S free classes today! No worries! We‘ve got your back. Try BYJU‘S free classes today! Solution The correct option is B 1When percentage change in quantity equals percentage change in price, magnitude of elasticity of demand is equal to 1. This is the situation of unit elasticity.When the percentage change in quantity demanded is equal to percentage change in price then price elasticity of demand is?1 Answer. If the percentage change in the quantity demanded equals the percentage change in price, the value of the price elasticity of demand equals 1 and demand is unit elastic.
When the change in demand is exactly equal to the change in price it is called *?When the price elasticity of demand is unit (or unitary) elastic (Ed = −1), the percentage change in quantity demanded is equal to that in price, so a change in price will not affect total revenue.
When the percentage change in quantity demanded is greater than the percentage change in price of the commodity the demand for the commodity is said to be?Own-Price Elasticity
If the percent change in the quantity demanded is greater than the percent change in the price of a good, demand is said to be price elastic or more responsive to price changes. (Example: A 1-percent change in price induces a change in quantity demanded by more than 1 percent.)
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When the percentage change in quantity demanded equal to percentage change in price then it is?
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