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Earn +20 ptsQ: What is the formula of unitary elastic demand?
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What are unitary elastic products?
unitary elastic products are those with a supply and demand slope=1.
What does the term unitary elastic describe?
Unitary elastic is a demand whose elasticity is exactly equal to 1.
When elasticity of demand for a good is exactly 1 how is demand described?
It means it is Unitary elastic.
What does a unitary elastic graph represent in terms of price elasticity of demand?
A unitary elastic graph represents a price elasticity of demand of 1, indicating that a change in price leads to an equal percentage change in quantity demanded.
What is rectangular hyperbola demand curve?
This is the curve which shows the unitary elastic demand where the change in quantity demanded equals with the change in price.
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