Assertion: elasticity | /r/HasProperty | less than one
Facets:
value: if than 1
type: OTHER
value: in absolute value
type: OTHER
Source sentences:
text: In general, the demand for a good is said to be inelastic (or relatively inelastic) when the elasticity is less than one (in absolute value): that is, changes in price have a relatively small effect on the quantity of the good demanded.
text: Therefore, when the elasticity is less than 1, we say that demand is inelastic.
text: When the elasticity is less than one, the supply of the good can be described as inelastic; when it is greater than one, the supply can be described as elastic.
text: Elasticities that are less than one indicate low responsiveness to price changes and correspond to inelastic demand or inelastic supply.
text: Glossary elastic demand when the elasticity of demand is greater than one, indicating a high responsiveness of quantity demanded or supplied to changes in price elastic supply when the elasticity of either supply is greater than one, indicating a high responsiveness of quantity demanded or supplied to changes in price elasticity an economics concept that measures responsiveness of one variable to changes in another variable inelastic demand when the elasticity of demand is less than one, indicating that a 1 percent increase in price paid by the consumer leads to less than a 1 percent change in purchases (and vice versa); this indicates a low responsiveness by consumers to price changes inelastic supply when the elasticity of supply is less than one, indicating that a 1 percent increase in price paid to the firm will result in a less than 1 percent increase in production by the firm; this indicates a low responsiveness of the firm to price increases (and vice versa if prices drop) price elasticity the relationship between the percent change in price resulting in a corresponding percentage change in the quantity demanded or supplied price elasticity of demand percentage change in the quantity demanded of a good or service divided the percentage change in price price elasticity of supply percentage change in the quantity supplied divided by the percentage change in price unitary elasticity when the calculated elasticity is equal to one indicating that a change in the price of the good or service results in a proportional change in the quantity demanded or supplied
text: Glossary elastic demand when the elasticity of demand is greater than one, indicating a high responsiveness of quantity demanded or supplied to changes in price elastic supply when the elasticity of either supply is greater than one, indicating a high responsiveness of quantity demanded or supplied to changes in price elasticity an economics concept that measures responsiveness of one variable to changes in another variable inelastic demand when the elasticity of demand is less than one, indicating that a 1 percent increase in price paid by the consumer leads to less than a 1 percent change in purchases (and vice versa); this indicates a low responsiveness by consumers to price changes inelastic supply when the elasticity of supply is less than one, indicating that a 1 percent increase in price paid to the firm will result in a less than 1 percent increase in production by the firm; this indicates a low responsiveness of the firm to price increases (and vice versa if prices drop) price elasticity the relationship between the percent change in price resulting in a corresponding percentage change in the quantity demanded or supplied price elasticity of demand percentage change in the quantity demanded of a good or service divided the percentage change in price price elasticity of supply percentage change in the quantity supplied divided by the percentage change in price unitary elasticity when the calculated elasticity is equal to one indicating that a change in the price of the good or service results in a proportional change in the quantity demanded or supplied
text: When a fall in the price of the good results in a small increase in the quantity demanded leading to a decline in total outlay, the elasticity of demand is less than one (e p < 1).
text: Below the midpoint of a straight line demand curve, elasticity is less than one and the firm wants to raise price to increase total revenue.
text: Elasticity can be zero, one, greater than one, less than one, or infinite.
text: On the occasion that a product has an elasticity that is less than one it is called inelastic.
text: Elasticity of supply will be less than one if the straight line supply curve cuts the horizontal axis on any point to the right of the origin, i.e. the quantity axis
text: When the elasticity is less than one, the supply of the good can be described as inelastic; when it is greater than one, the supply can be described as elastic.
text: Elasticity Less than one : With a decline in the price of the good, quantity demanded decrease, the total expenditure also decreases, elasticity of demand is less than one.
text: Similarly due to an increase in the price of a good if there is an increase in the demand and as a result there is a increase in the total expenditure then also the elasticity of demand is less than one.
text: If the elasticity is less than one, we say demand is inelastic .
text: In other words, if the elasticity of demand is less than one, people don't react much to price changes.
text: Another special feature of the linear supply curve arises because its elasticity can also be written as bP/(a + bP), which is less than 1 if a < 0 and greater than 1 if a > 0.
text: Julie's elasticity of demand is inelastic, since it is less than 1.
text: Julie's elasticity of demand is inelastic, since it is less than 1.
text: Another special feature of the linear supply curve arises because its elasticity can also be written as bP/(a + bP), which is less than 1 if a < 0 and greater than 1 if a > 0.
text: We say that a good is (price) inelastic if we find the elasticity to be less than 1.
text: Elasticity is less than 1
text: Demand is inelastic when the elasticity is less than 1 → the quantity moves proportionately less than the price