• In the price elasticity table, goods and services with a relatively inelastic demand are things such as salt, medical care, tobacco products and petrol (fuel). They all have an elasticity coefficient of less than 1. What this means is that the quantity demanded is not highly sensitive to a change in the price.
• If the elasticity is greater than 1, then the demand is elastic. If the elasticity is less than 1, then the demand is inelastic . If the elasticity is equal to 1, then the demand is unit elastic .
• An import quota will make the supply curve for the imported good: a. unitary elastic b. negatively sloped c. perfectly elastic d. perfectly inelastic
Oct 28, 2012 · And managers be familiar with that when absolute value is greater than 1, the price elasticity demand is elastic. While, when absolute value is lesser than 1, the price elasticity demand is inelastic. Price elasticity is determined by a number of factors. There are number of substitutes, time and definition of the market.
Apr 19, 2020 · Price Elasticity of Demand is defined as the rate at which demand goes up or down when prices change. The demand for a product can be elastic or inelastic, depending on how quickly that product’s demand responds to changes in the price of that product.
It includes all five elasticity alternatives--perfectly elastic, relatively elastic, unit elastic, relatively inelastic, and perfectly inelastic. No two points on a straight-line demand curve have the same elasticity because the slope and elasticity are different concepts.
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• # Inelastic elastic unit elastic

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Inelastic demand occurs when the percentage change in quantity demanded is less than the percentage change in price. When does perfectly elastic demand occur When the quantity demanded changes by a very large percentage in response to an almost zero percent change in​ price, the good has perfectly elastic demand.

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Elasticity of Demand: Inelastic, Elastic, and Unitary Add Remove This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

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Dec 27, 2020 · question: choice 1: 0, 0.2, 1, 5, 60.2 choice 2: elastic, inelastic or unitary elastic choice 3: a decrease, an increase, or no change choice 4: elastic, inelastic or unitary elastic This question hasn't been answered yet

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