Economic Definition of unit elastic. Defined.
Offline Version: PDF
Term unit elastic Definition: An elasticity alternative in which any percentage change in price cause an equal percentage change in quantity. In other words, any change in price, whether big or small, triggers exactly the same percentage change in quantity. Unit elastic should be compared with other elasticity alternatives--perfectly elastic, perfectly inelastic, relatively elastic, and relatively inelastic.
« union shop | unit of account »
Permalink: https://glossary.econguru.com/economic-term/unit+elastic