Advertisements
Advertisements
Question
Identify and explain the following concept:
When the price of apples falls by 10%, Vinay increases his demand for apples by 10%.
Explain
Advertisements
Solution
Identified concept: Unitary elastic demand.
Explanation:
Demand is said to be unitary elastic when a corresponding change in a commodity's price results in an identically proportionate change in the quantity demanded.
shaalaa.com
Is there an error in this question or solution?
