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What happens when the value is greater than one in elasticity?
Wiki User
∙ 12y ago
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.
Wiki User
∙ 12y ago
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If a demand for a product is elastic the value of the price elasticity coefficient is?
greater than one
What is the total revenue test for elasticity?
I assume that when you say "elasticity," you mean "price elasticity of demand."Raise price a little. If total revenue goes up, you're in the INELASTIC region (where absolute value of elasticity is greater than 1). If it goes down, you're in the ELASTIC region.
If the elasticity of demand for a good at a certain price is greater than One we describe demand as?
Variable
How can you measure price elasticity of demand by total outlay method?
under total otlay method basically there are 3 other sub methods with the help of which you can calculate the price elasticity of demand.they are: elasticity greater than unity...ep>1 elasticity less than unity,,,,,,,ep<1 elasticity equals to unity....ep=1
What happens to the price if supply increases?
If the cost of supply falls for each unit of supply (a shift of the supply curve right), the change in price depends on the price elasticity of demand: Price is unchanged when price elasticity of demand is infinite. Price falls when price elasticity of demand is less than infinite.
If a demand for a product is elastic the value of the price elasticity coefficient is?
greater than one
What is the total revenue test for elasticity?
I assume that when you say "elasticity," you mean "price elasticity of demand."Raise price a little. If total revenue goes up, you're in the INELASTIC region (where absolute value of elasticity is greater than 1). If it goes down, you're in the ELASTIC region.
Which does not have a value greater than 12 and less than 13?
5. It does not have a value greater than 12. Consequently, it does not have a value greater than 12 and less than 13.
If the elasticity of demand for a good at a certain price is greater than One we describe demand as?
Variable
What does a greater than sign look like?
In mathematics, when we comparing two values if any of the value has a larger value then the sign greater than is used for differentiating that the value is greater than the another value. > is the greater than sign, as in If x is greater than y,then x>y
How can you measure price elasticity of demand by total outlay method?
under total otlay method basically there are 3 other sub methods with the help of which you can calculate the price elasticity of demand.they are: elasticity greater than unity...ep>1 elasticity less than unity,,,,,,,ep<1 elasticity equals to unity....ep=1
Why the price elasticity of salt is low and price elasticity of Toyota car is high?
The price elasticity of salt is lower than that of the Toyota car because by changing the unit of measurement of salt leaves the elasticity value the same.
What happens when you move from a lesser place value position to the next greater value position?
In the decimal system, each position is ten times greater than the one to the immediate right, and ten times less than the one to the immediate left.
Is 7 less than or greater than the absolute value of -3?
greater as the absolute value of -3 is 3
Why do sound waves travel faster through metal than air?
velocity of sound is proportional to modulus of elasticity of the medium. Metals have greater modulus of elasticity compared to that of air. Hence the result
What is a negative integer greater than the absolute value of 3?
The absolute value of 3 is +3. No negative number can have a value greater than +3.
What is the greater than or less than symbol?
greater than > less than < pointy end towards the smaller value
