Question

a local baseball team's concession stand sells hot dogs for $2 and earns $600 in revenue. the next week, the price is raised to $3, and the concession stand still earns $600 in revenue. in this situation, the price elasticity of demand is

Answer 1

A local baseball team's concession stand sells hot dogs for $2 and earns $600 in revenue. The next week, the price is rasied to $3, and the concession stand still earns $600 in revenue. In this situation, the price elasticity of demand is Unit elastic.

A situation in which a change in one variable causes an equally proportional change in another variable is referred to as unit elastic (also known as unitary elastic).

Goods that are affected by price changes in demand or supply are known as unit elastic goods. For instance, if banana costs fall, more individuals may choose to purchase them since they can now afford to do so given the lower pricing. This would be an illustration of unit elastic supply and demand.

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