expalin me in simple words unitary elasticity of demand
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unitary demand. A situation that occurs when the price elasticity of demand is equal to negative one (-1). For a business, when a product exhibits unitary demand this means that a given percent shift in the price of the product results in an equal but opposite percent change in the amount of product demanded.
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unitary demand. A situation that occurs when the price elasticity of demand is equal to negative one (-1). For a business, when a product exhibits unitary demand this means that a given percent shift in the price of the product results in an equal but opposite percent change in the amount of product demanded.
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