0
What kind of demand is involved when change in price equals to percent change in quantity?
Wiki User
∙ 14y ago
This is unit elastic demand. Elasticity measures how price responds to a given variable (in this case demand). If prices and demand move at the same rate you have unit elastic demand. Mathematically it means the ratio of price change to demand change is 1.
Wiki User
∙ 14y ago
Add your answer:
Earn +20 pts
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 demand said to be when the percent change in price is equal to the percent change in quantity demanded?
Unit elastic
When a price of a good increased by 2 percent the quantity demanded decreased by 10 percent What is the price elasticity of demand?
Price elasticity of demand= percentage change in demand/percentage cgange in price 2 = % chnge in demand/10 % change in demand= 2*10 % change in demand= 20%
The primary difference between a change in demand and a change in the quantity demanded is?
a change in demand is a movement along the demand curve, and a change in quantity demanded is a shift in the demand curve
What different between change in demand and change in quantity demand?
Change in demand is subjective, it could be increase or decrease in the qauntity of good or services asked for, while change in quantity demand is objective, it refers to actual quantity/amount of good or seevices requested /demanded .
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.
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
When the percent change in price is greater than the percent change in quantity demanded demand is said to?
Elastic
When a price of a good increased by 2 percent the quantity demanded decreased by 10 percent What is the price elasticity of demand?
Price elasticity of demand= percentage change in demand/percentage cgange in price 2 = % chnge in demand/10 % change in demand= 2*10 % change in demand= 20%
The primary difference between a change in demand and a change in the quantity demanded is?
a change in demand is a movement along the demand curve, and a change in quantity demanded is a shift in the demand curve
What different between change in demand and change in quantity demand?
Change in demand is subjective, it could be increase or decrease in the qauntity of good or services asked for, while change in quantity demand is objective, it refers to actual quantity/amount of good or seevices requested /demanded .
What is the Four determinants of price elasticity of demand?
perfectly elastic demand the quantity change by infinitely large amount proportion due to the small change in price, is called perfectly elastic demand. perfectly inelastic demand the quantity demand doesn't change at all due to the change in price is called perfectly inelastic demand. relatively elastic demand the quantity demand changes by a little more percentage than the change in price is called relatively elastic demand. relatively inelastic demand the percentage change in quantity demand is less than the percentage change change in its price is called relatively inelastic demand unitary elastic demand the percentage change in quantity demand is equal to the percentage change in price is called unitary elastic demand
A change in demand is shown as a?
a table of bprices and quantity demand.
A shift in the demand curve is called?
A change in quantity demanded
State the factors causing the change in quantity demand?
change in life style also causes change in quantity demand for eg: in 1960's formal wear were in demand but with change in style nowadays denim wear in demand.
If a price change causes the quantity demanded of a good to decrease by 30 percent while total revenue of that good increases by 15 percent is the demand curve elastic or inelastic?
inelastic
