When the Price elasticity coefficient is -1 , it means that when price changes by 10% quantity demanded will also be changed by same 10% in opposite direction. Maybe you are confused because of the minus sign. So remember what sir said in lectures. He told that in price elasticity we ignore the minus sign and only focus on the value.
When the Price elasticity coefficient is -1 , it means that when price changes by 10% quantity demanded will also be changed by same 10% in opposite direction. Maybe you are confused because of the minus sign. So remember what sir said in lectures. He told that in price elasticity we ignore the minus sign and only focus on the value.
Hope this helps