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.
Unit elastic
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.
It will be very sensitive to price change. A change in the price will change the quantity supplied by a factor greater than 1. ps: Price elasticity of supply= (% change in quantity supplied)/(% change in price)
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.
a change in quantity supplied is the result of
change of any quantity divided by its original quantity
Elastic
Percent Increase
The quantity is decreasing.
in equilibrium
Unit elastic
Any percent less than 100.
Multiplying
Multiplying
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.
percent change
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