Elasticity of Demand

MicroGraphs | Unit 2 | Elasticity of Demand

Graphs

Details

Unit 1

Production Possibilities Curve

Production Shift

Production Frontier Shift

Unit 2

Supply and Demand

Elasticity of Demand

Unit 3

Coming Soon:

Profit Maximizing Output

Perfectly Competitive Firm

Monopolistically Competitive Firm

Oligopolistic Firm

Pure Monopoly

Unit 4

Coming Soon

Unit 5

Coming Soon

Inelastic Demand

Demand is inelastic when a percent change in the price of a product has a disproportionately low effect on the quantity of it demanded.

Unit Elastic Demand

Demand is inelastic when a percent change in the price of a product has an exactly proportionate effect on the quantity of it demanded.

Elastic Demand

Demand is elastic when a percent change in the price of a product has a disproportionately high effect on the quantity of it demanded.