Unit elastic flashcard sets

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unit elastic definitions
# Definition Sets
1a given change in price causes a proportional change in quantity demanded4 sets
2percentage change in quantity demanded equals percentage change in price3 sets
3elasticity where a change in the independent variable (usually the price) generates a proportional change of the dependent variable (quantity demanded or supplied)3 sets
4if its price elasticity of demand is equal to one, the demand for a good is2 sets
5the demand for a good is unit elastic with respect to price if its price elasticity of demand is equal to one2 sets
6∑i = 12 sets
7| emap | = 12 sets
8percentage change in quantity demanded equals percentage change in price.1 set
9demand increases proportionally to price increase (ed=1)1 set
10consumers respond perfectly, equals 11 set
11elasticity of 11 set
12given proce change causes a proortional change in quantity demanded1 set
13a given change in price causes a proportional change in quantity demanded.1 set
14elasticity where a change in the independent variable (price) generates a proportional change of the dependent variable (quantity demanded/supplied)1 set
15q dd changes in same proportion as a change in p1 set
16quantity demanded changes by the same percentage as does the price1 set
17no response to a change in price1 set
18percentage change in quantity demanded equals precentage change in price1 set
19demand is ____ when a given change in price causes a proportional change in the quantity demanded1 set
20the demand for a good is ____ with respect to its price if elasticity of demand is equal to 11 set
21demand is unit elastic with respect to price if price elasticity of demand equals 11 set
22elasticity where change in the independent variable generates a porportional change in the dependent variable1 set
23the given change in price causes a proportional change in quantity demanded.1 set
24elasticity where a change in the independent variable generates a proportional change of the dependent variable.1 set
25change in price, proportional change in quantity demanded1 set
26type of elasticity where a change in price causes a proportional change in quantity demanded.1 set