Elasticity of Demand:
Measures the responsiveness of the consumer to a change in price. The elasticity of demand is equal to the percent change in quantity demanded divided by the percent change in price.
Elastic Demand:
Value of elasticity of demand is greater than 1
Inelastic Demand:
Value of elasticity of demand is less than 1.
Unitary Elastic Demand:
The percent change in price is equal to the percent change in quantity demanded.