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4.1. Own-Price Elasticity of Demand States. When demand is not very sensitive to price, we say demand is inelastic . To be precise, when the magnitude(ignoring algebraic sign) of the own-price elasticity coefficient has a value less than one, demand is defined to be inelastic. <span>When that magnitude is greater than one, demand is defined to be elastic . And when the elasticity coefficient is equal to negative one, demand is said to be unit elastic , or unitary elastic . Note that if the law of demand holds, own-price elasticity of
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