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When the magnitude of the price elasticity of demand at a point along the linear demand...

When the magnitude of the price elasticity of demand at a point along the linear demand curve for a product is equal to the unit, then this magnitude is higher at any higher price and lower at any lower price.

true or false

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Answer #1

False

If the value of price elasticity of demand is equal to one it means the proportion of change in quantity demanded is equal to the proportion of change in price and

It will be same on the whole demand curve whether the magnitude is calculated on higher price or lower price

It will be always always constant and equal to 1

If the demand is elastic in nature then even there is a small change in the price causes heavy change in the quantity demanded

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