Scenarios as examples of elastic, inelastic, or unit elastic demand. When Ruko, a device used to stream movies at home, increases prices by 48 %, total revenue decreases by 63 %. When Cinema Supreme decreases ticket prices by 12 %, total revenue does not change. When Bluebox, a DVD rental kiosk, increases its prices by 43 %, total revenue increases by 31 %.

Elastic demand

Unit elastic demand

Inelastic demand

Explanation:

Elasticity of demand measures the degree of responsiveness of quantity demanded to changes in price.

Elasticity of demand = percentage change in quantity demanded/ percentage change in price.

Denand is elastic if when price is increased, the quantity demanded changes more than the increase in price. Quanitity demanded is more sensitive to changes in price.

If price is increased, the quantity demanded falls and as a result the total revenue earned by sellers falls.

The elasticity of demand is usually greater than 1 when demand is elastic.

Demand is unit elastic if a change in price has the same proportional change on quantity demanded. The coefficient of elasticity is equal to one.

If price is increased, the quantity demanded changes by the same proportion so there's no change in total revenue of sellers.

Demand is inelastic if a change in price has little or no effect on quantity demanded.

Coefficient of elasticity is usually less than one.

If price is increased, there is little or no change in the quantity demanded and as a result the revenue earned by sellers increase.

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