CUET Preparation Today
In total outlay method of price elasticity of demand, what does less than unitary elastic mean? |
change in price has no effect on total expenditure change in total expenditure is in the opposite direction to change in price change in total expenditure is in the same direction as change in price change in total expenditure has dual effect in both directions to change in price |
change in total expenditure is in the same direction as change in price |
In total outlay method of price elasticity demand, when change in total expenditure is in the same direction as change in price, it is less than unitary elastic, whereas, when change in total expenditure is in the opposite direction as change in price, it is more than unitary elastic. |
