What does unit elastic mean?

Question

I know it means 0, but what does it mean for the buyer and the seller?

Answer 1

Unitary elastic is when elasticity is 1.  It means that if the the price of the good changes, the quantity demanded will change by the same proportion.  For example, if the seller increases prices of Good A by 5%, buyers will decrease the quantity they demand of Good A by exactly 5%.

Hope that helps!