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Types of Elasticity

Perfectly Elastic Demand (EP = ∞)
Perfectly Elastic Demand (EP = ∞)

Definition: A perfectly elastic demand curve is represented by a straight horizontal line and shows that the market demand for a product is directly tied to the price. In fact, the demand is infinite at a specific price.

Perfectly Elastic Demand:
Perfectly Elastic Demand:

Definition: A perfectly elastic demand curve is represented by a straight horizontal line and shows that the market demand for a product is directly tied to the price. In fact, the demand is infinite at a specific price.

Perfectly Inelastic Demand (EP = 0)
Perfectly Inelastic Demand (EP = 0)

What is Perfectly Elastic Demand? My Accounting Course 2017-10-09T05:19:41+00:00 Definition: A perfectly elastic demand curve is represented by a straight horizontal line and shows that the market demand for a product is directly tied to the price.

Perfectly Inelastic Demand:
Perfectly Inelastic Demand:

Perfectly elastic supply is where a change in demand correlates exactly to a change in price, this is notated as PED=1, as price elasticity of demand is worked out as a decimal between 0 and 1, 0 being perfectly inelastic and 1 being perfectly elastic. If for example the price of a good went up by 20%, and the good was perfectly elastic in its demand, we would expect demand to fall by 20%.

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Relatively Elastic Demand (EP> 1)
Relatively Elastic Demand (EP> 1)

chapter 6 (microeconomics) ... what type elasticity is Ep=1: ... demand curve is relatively flat. what type of good is an elastic demand. unecessary good.

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Relatively Elastic Demand:
Relatively Elastic Demand:

Mathematically, relatively elastic demand is known as more than unit elastic demand (e p >1). For example, if the price of a product increases by 20% and the demand of the product decreases by 25%, then the demand would be relatively elastic.

Relatively Inelastic Demand (Ep< 1 )
Relatively Inelastic Demand (Ep< 1 )

Start studying chapter 6 (microeconomics). Learn vocabulary, terms, and more with flashcards, games, and other study tools.

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Relatively Inelastic Demand:
Relatively Inelastic Demand:

The price elasticity of demand for milk is 0.3, which is less than one. Therefore, in such a case, the demand for milk is relatively inelastic. Therefore, in such a case, the demand for milk is relatively inelastic.

Unitary Elastic Demand ( Ep = 1)
Unitary Elastic Demand ( Ep = 1)

The demand for a good is unitary elastic if a change in the price of that good causes an equal change in quantity demanded. In other words, the elasticity coefficient is equal to 1.

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Unitary Elastic Demand:
Unitary Elastic Demand:

The demand for a good is unitary elastic if a change in the price of that good causes an equal change in quantity demanded. In other words, the elasticity coefficient is equal to 1.

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