Total Expenditure and Price Elasticity

Total expenditure (T.E) = Price x Quantity

a)      Elastic Demand

If demand is elastic (E_D > 1), the fall in price leads to the rise in whole expenditure and a rise in price decreases it.

b)      Unitary Elastic Demand

If demand is unitary elastic (E_D = 1), a fall or rise in the price leaves whole expenditure unchanged.

c)      Inelastic Demand

If the demand is inelastic (ED < 1), a fall in the price leads to a reduction in whole expenditure and a rise in price increases whole expenditure.

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