Class Notes (839,398)
Canada (511,327)
Langara College (1,809)
Economics (37)
ECON 2210 (30)
M.Yu (30)
Lecture

Infinite elasticity.docx

3 Pages
89 Views

Department
Economics
Course Code
ECON 2210
Professor
M.Yu

This preview shows page 1. Sign up to view the full 3 pages of the document.
Description
Infinite elasticity - Slight rise in price leads to nothing being sold, slight fall in price leads to whole world at your door step - A perfect substitute exists for the good, so consumers are unwilling to tolerate any increase in the price Perfect case of elasticity: - Any rise in prices results in the same quantity demanded - - As the price of a good increases enough, you run out of money and have to buy less of a commodity Unitary elastic: - Demand function is k = p x q, where k is a constant number It is possible to calculate the elasticity between two points on a demand curve, linear or not: - This means calculating the average elasticity between the two points, called a
More Less
Unlock Document

Only page 1 are available for preview. Some parts have been intentionally blurred.

Unlock Document
You're Reading a Preview

Unlock to view full version

Unlock Document

Log In


OR

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


OR

By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.


Submit