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What is demand said to be when the percent change in price is equal to the percent change in quantity demanded?
Unit elastic
When the percent change in price is equal to the percent change in quantity demanded then demand is said to be?
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.
How does quantity supplied of a good with a large elasticity of supply react to price change?
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)
A change in quantity supplied is the result of what?
a change in quantity supplied is the result of
What happens when the value is greater than one in elasticity?
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.
What is a percent of change?
change of any quantity divided by its original quantity
When the percent change in price is greater than the percent change in quantity demanded demand is said to?
Elastic
What is a percent change describing an increase in a quantity?
Percent Increase
When the percent of change is negative?
The quantity is decreasing.
Can percent change be in the negatives?
Yes, percent change can be negative. A negative percent change indicates a decrease in quantity or value from the original amount. It is calculated by comparing the final value to the initial value.
When the percent change in price is equal to the percent change in quantity demanded demand is said to be what?
in equilibrium
What is demand said to be when the percent change in price is equal to the percent change in quantity demanded?
Unit elastic
A percent change describing a decrease in a quantity?
Any percent less than 100.
What process do you use to do find percent change of a quantity?
Multiplying
What process do you use to find the percent change of a quantity?
Multiplying
When the percent change in price is equal to the percent change in quantity demanded then demand is said to be?
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.
What is the ratio amount of change divided by original amount expressed as a percent?
percent change
