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When demand is elastic The price elasticity is quizlet?When the price elasticity of demand is greater than 1, demand is elastic. When the price elasticity of demand is less than 1, demand is inelastic. And when the price elasticity of demand equals 1, demand is unit elastic.
What does an own price elasticity of demand of mean quizlet?Own price elasticity is a measure of the responsiveness of the quantity demanded of a good to change in its own price.
What is price elasticity of demand answer?Price elasticity of demand refers to the percentage change in quantity demanded with reference to the percentage change in price. It is measured as a ratio, as ed=%Change in Quantity demanded%Change in price.
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Suppose the value of the price elasticity of demand is What does this mean Quizlet
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