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Unitary Elastic Demand: When the proportionate change in demand produces the same change in the price of the product, the demand is referred as unitary elastic demand.
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Infinite; Note that the change in demand - or the elasticity - of a product doesn’t necessarily mean that sales of the product are going well.
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Therefore, in such a case, the demand for milk is relatively inelastic.
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The demand curve is horizontal.
Now, let's go to another extreme.
Oct 3, 2022 · class=" fc-falcon">Relatively inelastic: <1; Unit elastic: 1; Relatively elastic: >1; Perfectly elastic.
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The quantity demanded is always going to be the exact same thing.
Elastic demand means a significant change in quantity demanded when the small price gets changed (Either reduced or increased) Inelastic demand means, small or no change in quantity demanded when the small price gets changed (Either reduced or increased).
Oct 3, 2022 · class=" fc-falcon">Relatively inelastic: <1; Unit elastic: 1; Relatively elastic: >1; Perfectly elastic.
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If PED = 0, demand is perfectly price inelastic; If PED <1, demand is price inelastic; If PED > 1, demand is price elastic; If PED = infinity, demand is perfectly price elastic; If PED = 1, demand is unitary.
And so a perfectly inelastic demand curve would look like this.
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4.
The concept of relative elasticity is not based on the calculations in 4.
See the graph, price of the goods changing or raises from P1 to P2 and P3 but there is no change in demand at Q.
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Price elasticity of demand for bread is: e p = ΔQ/ ΔP × P/ Q.
You can imagine.
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4.
Choose any three products.