Economy, asked by jahnaviverma13, 4 months ago

When is the supply of a good called ‘unit elastic’?

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Answered by nikkichauhan35367

Unit elastic

Describes a supply or demand curve which is perfectly responsive to changes in price. That is, the quantity supplied or demanded changes according to the same percentage as the change in price. A curve with an elasticity of 1 isunit elastic.

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When is the supply of a good called ‘unit elastic’?​

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When is the supply of a good called ‘unit elastic’?