Categories for Price Elasticity of Demand When price elasticity of demand is calculated, it also falls into one of three categories: inelastic, elastic, or unit (or unitary). These categories are used to explain how responsive quantity demanded is to changes in price (McEachern, 2019). The first thing to do when determining whether price elasticity of demand is inelastic, elastic, or unit (or unitary) is to take the absolute value of the calculated price elasticity of demand. The absolute value just means that whatever the calculated value is, make it a positive number. For example, when price elasticity of demand was calculated for bread above, the estimate was – 3.0. The absolute value of this estimate is 3.0 (just take away the negative sign). If the absolute value of the calculated price elasticity of demand is between 0 and 1.0, the price elasticity of demand is said to be inelastic. If the absolute value of the calculated price elasticity of demand is greater than 1.0, the elasticity of demand is said to be elastic. If the absolute value of the calculated price elasticity of demand is equal to 1.0, the elasticity of demand is said to be unit (or unitary).
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