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8 Jan 2022
Introduction
In economy, the term 'inelastic demand curve' refers to the demand for an item changes proportionately less the the price changes, then the item is price inelastic and the term 'elastic demand curve' refers to the demand for an item changes proportionately more than the price changes, then the item is price elastic. Whereas 'Unit elastic of demand curves' describes a supply or demand curve which is perfectly responsive to changes in price.
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