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Infinite elasticity.docx

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ECON 2210

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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
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