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.
greater than one
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.
The Average Variable Cost (AVC) elasticity formula measures how responsive the average variable cost is to changes in output. It is calculated as the percentage change in AVC divided by the percentage change in output (Q): [ \text{AVC Elasticity} = \frac{% \Delta \text{AVC}}{% \Delta Q} ] A value greater than 1 indicates AVC is elastic with respect to output, while a value less than 1 indicates it is inelastic.
Variable
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
greater than one
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.
5. It does not have a value greater than 12. Consequently, it does not have a value greater than 12 and less than 13.
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
The Average Variable Cost (AVC) elasticity formula measures how responsive the average variable cost is to changes in output. It is calculated as the percentage change in AVC divided by the percentage change in output (Q): [ \text{AVC Elasticity} = \frac{% \Delta \text{AVC}}{% \Delta Q} ] A value greater than 1 indicates AVC is elastic with respect to output, while a value less than 1 indicates it is inelastic.
Variable
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
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.
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.
If the elasticity is greater than 1, demand is considered elastic. This means that consumers are relatively responsive to changes in price; a small change in price leads to a proportionally larger change in the quantity demanded. Conversely, if the elasticity is less than 1, demand is inelastic, indicating that consumers are less responsive to price changes.
greater as the absolute value of -3 is 3
If the elasticity is greater than 1, demand is considered elastic, meaning that consumers are highly responsive to price changes. Conversely, if the elasticity equals 0, demand is perfectly inelastic, indicating that quantity demanded does not change regardless of price fluctuations. In this case, consumers will purchase the same amount no matter the price.