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When the percent change in price is greater than the percent change in quantity demanded demand is said to?
Wiki User
∙ 11y ago
Elastic
Wiki User
∙ 11y ago
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When the percent of change is negative?
The quantity is decreasing.
What process do you use to do find percent change of a quantity?
Multiplying
When the first number is greater than the second number the percent of change negative but is it right?
If the percent of change is negative, then it is wrong.
How can two amounts of change can be the same but the percents of change can be different.?
By two amounts of change I assume mean absolute amounts. Assume the following: Quantity 1 begins at 6 and changes to 3. The absolute value of the change is 3 and the percent change is 50% Quantity 2 begins at 30 and changes to 27. The absolute value of the change is 3 and the percent change is 10%
Constant is a quantity that does not?
Constant is a quantity that does not change.
When the percent change in price is equal to the percent change in quantity demanded demand is said to be what?
in equilibrium
What is demand said to be when the percent change in price is equal to the percent change in quantity demanded?
Unit elastic
When the percent change in price is equal to the percent change in quantity demanded then demand is said to be?
When the percentage change in price is equal to the percentage change in quantity demanded then demand is said to be unit elastic. There are 3 kinds of price elasticity of demand.
What is the percent of change when the original quantity is greater than the new quantity?
The percentage change is always 100*(new-old)/old provided the old is non-negative. If the original quantity is greater than the new quantity, the percentage change will be negative - no big deal.
The primary difference between a change in demand and a change in the quantity demanded is?
a change in demand is a movement along the demand curve, and a change in quantity demanded is a shift in the demand curve
Where quantity demanded equals quantity supplied or no tendency to change?
This is called equilibrium.
What happens when the value is greater than one in elasticity?
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.
Price elasticity of demand in the marker place?
Price elasticity of demand is the responsiveness of quantity demanded of a good to a change in its price.Basically it describes how consumers react to a price change.The price elasticity of demand is calculated byPED= %Quantity demanded : % Change of Priceor in words: the percentage change in the quantity demanded divided by the percentage change in price
What is elasicity of demand?
The response of the quantity demanded with a change in price.
If a price change causes the quantity demanded of a good to decrease by 30 percent while total revenue of that good increases by 15 percent is the demand curve elastic or inelastic?
inelastic
What does the elasticity of demand refers to?
it refers to the the responsiveness of quantity of goods demanded by consumers when there is a change in price level. The formula PED is percentage change in quantity demanded divided by percentage change in price of that particular good.
When a price of a good increased by 2 percent the quantity demanded decreased by 10 percent What is the price elasticity of demand?
Price elasticity of demand= percentage change in demand/percentage cgange in price 2 = % chnge in demand/10 % change in demand= 2*10 % change in demand= 20%
