Price elasticity Flashcards
1
Q
Inelastic
A
between -1 and 0
2
Q
unit elastic
A
=-1
3
Q
elastic
A
< -1
4
Q
Q changes less than P
A
inelastic
5
Q
change in Q is equal to change in P
A
unit elastic
6
Q
Q changes more than P
A
elastic
7
Q
between -1 and 0
A
if price increases, revenue will increase
8
Q
= -1
A
if price increases, revenue will stay about the same
9
Q
< - 1
A
if price increases, revenue will decrease
