ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Price Elasticity of Demand = Percentage Change in Quantity Demanded ÷ Percentage Change in Price. Economists use price elasticity to understand how supply and demand for a product change when its price changes.1 Like demand, supply also has an elasticity, known as price elasticity of supply.

Detailed explanation-2: -Unit elastic demand is referred to as a demand in which any change in the price of a good leads to an equally proportional change in quantity demanded. In other words, the unit elastic demand implies that the percentage change in quantity demanded is exactly the same as the percentage change in price.

Detailed explanation-3: -Unitary elastic demand is a type of demand which changes in the same proportion to its price. It means that the percentage change in demand is exactly equal to the percentage change in price.

Detailed explanation-4: -Unit elastic demand is the economic theory that assumes a change in product price causes an equal and proportional change in the quantity demanded. In other words, the percentage change in demand for the product is equal to the percentage change in price.

Detailed explanation-5: -One of the most common measures of price elasticity is unit elastic, which is an economic theory that the percentage change of the price of a good and the percentage change of the demand of the good is the same.