if the %change in quantity demanded is equal to the%change in price, what is the elasticity of demand
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Price Elasticity of demand is equal to percentage change in price upon percentage change in quantity demanded.
Hence if percentage change in quantity demanded , be x
then percentage change in price =x
elasticity =x/x
=1
Hence demand will be unitary elastic.
Hence if percentage change in quantity demanded , be x
then percentage change in price =x
elasticity =x/x
=1
Hence demand will be unitary elastic.
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