Unit-elastic
The amount required is 48 pounds while the price of pistachio nuts is $7.50 per lb. The amount needed is 40 pounds when pistachios cost $9.00 per lb. We can state that the demand for pistachio nuts is Unit elastic when the midpoint formula is applied to calculate the price elasticity of demand.
Unit Elastic - The economic theory known as unit elastic demand holds that when a product's price changes, the quantity desired also changes in an equal and proportional manner. In other words, the percentage change in price and the percentage change in demand for the product are equal. Consider the elastic demand on a basis of units per unit.
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