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Question
Define or explain the concept of 'unitary elastic demand'.
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Solution
The demand for
a good is unitary elastic if
a change in the price of that good causes an equal change in quantity demanded.
In other words, the elasticity coefficient
is equal to 1.
The demand for a good is unitary elastic if a change in the price of that good causes an equal change in quantity demanded. In other words, the elasticity coefficient is equal to 1.
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