Elastic and Inelastic Demand

 Demand is unit elastic if

 the percentage change in quantity demanded is the same as the
percentage change in price
 the coefficient of the elasticity of demand equals 1.

PRICE ELASTICITY OF DEMAND

 When the price of a trip rises by 10%, . . .
 the quantity demanded of trips decreases by 10%.
 The decrease in quantity demanded is the same as the increase in price.
Therefore, the demand for trips is unit elastic.