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  • Elastic and in Elasticity - Diagrams

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    Rayomand Darukhanawalla
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    Demand is considered price elastic when the percentage change in quantity demanded is greater than the percentage change in price, as shown in the graph on the left where the slope of the demand curve is steep. Demand is considered price inelastic when the percentage change in quantity demanded is less than the percentage change in price, as shown in the graph on the right where the slope of the demand curve is flatter. The graphs illustrate the concepts of elastic vs. inelastic demand and how quantity demanded responds differently to price changes in each case.

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    Elastic and In Elasticity - Diagrams

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    Demand is considered price elastic when the percentage change in quantity demanded is greater than the percentage change in price, as shown in the graph on the left where the slope of the demand curve is steep. Demand is considered price inelastic when the percentage change in quantity demanded is less than the percentage change in price, as shown in the graph on the right where the slope of the demand curve is flatter. The graphs illustrate the concepts of elastic vs. inelastic demand and how quantity demanded responds differently to price changes in each case.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOCX, PDF, TXT or read online from Scribd
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    4 views1 page

    Elastic and in Elasticity - Diagrams

    Uploaded by

    Rayomand Darukhanawalla
    Demand is considered price elastic when the percentage change in quantity demanded is greater than the percentage change in price, as shown in the graph on the left where the slope of the demand curve is steep. Demand is considered price inelastic when the percentage change in quantity demanded is less than the percentage change in price, as shown in the graph on the right where the slope of the demand curve is flatter. The graphs illustrate the concepts of elastic vs. inelastic demand and how quantity demanded responds differently to price changes in each case.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as docx, pdf, or txt
    of 1

    Elastic and Inelasticity

    Demand is Price Elastic Demand is Price Inelastic


    % change Quantity Demanded > % change in Price % change Quantity Demanded < % change in Price

    Price Price

    P0 P0

    P1 P1

    Q0 Q1 Quantity Q0 Q1 Quantity

    Rayomand Darukhanwalla 5-Nov-10

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