Tags Math and Arithmetic Economics Algebra

Animals & Plants Arts & Entertainment Auto Beauty & Health Books and Literature Business Electronics Engineering & Technology Food & Drink History Hobbies Jobs & Education Law & Government Math People & Society Science Social Studies Sports Travel & Places

0

Subjects>Business>Economics

What happens when the value is greater than one in elasticity?

Anonymous

∙ 13y ago

Updated: 12/19/2022

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

∙ 13y ago

Still curious? Ask our experts.

Chat with our AI personalities

Professor

I will give you the most educated answer.

Chat with Professor

Judy

Simplicity is my specialty.

Chat with Judy

Coach

Success isn't just about winning—it's about vision, patience, and playing the long game.

Chat with Coach

Add your answer:

Earn +20 pts

Q: What happens when the value is greater than one in elasticity?

Write your answer...

Submit

Still have questions?

imp

Continue Learning about Economics

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

How can one determine the elasticity of demand for a product or service?

To determine the elasticity of demand for a product or service, you can calculate the percentage change in quantity demanded divided by the percentage change in price. If the result is greater than 1, the demand is elastic; if it is less than 1, the demand is inelastic.

Trending Questions

How was life in a boomtown during a gold rush similar to life in a cow town during the cattle kingdom? What economic figure should you reference If you want to analyze the total annual production of goods services and structures within a nation? How much does 20000 columbian pesos equal to us dollars? What is the advantage of producing goods for your own use? How much would 5 pounds in 1780 be worth today? How much is a box of dimes cost? What is monetary denomination? What is the substitute economics definition and how does it impact consumer behavior in the market? Where did the DOW close yesterday? Banks played a key role in american economic expansion by? Classify commodities with the help of chart? How many employees does Ford have? How is the Industrial Revolution related to Mercantilism? Is the consumer wealth system a scam? What are the three purchasing objectives and their impact on effective purchasing? Why is China considered a leader in world economics? What is a good example of a trigger event A. globalization B. shifts in labor market C. deregulations D. mergers and acquisitions E. all of the above? Gas prices 2001? What will cause the curve to shift inwards? What is the difference between industrial and commercial?

Resources

Top Categories

Product

Company

Copyright ©2025 Infospace Holdings LLC, A System1 Company. All Rights Reserved. The material on this site can not be reproduced, distributed, transmitted, cached or otherwise used, except with prior written permission of Answers.