ECO323Y5 Lecture : Railways and Early Industrialization
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4. Elastic, inelastic, and unit-elastic demand.
The following graph shows the demand for a good.
Price; Quantity
W: 140 & 6
X: 90 & 21
Y: 70 & 27
Z: 20 & 42
For each of the regions, use the midpoint method to identify whether the demand for this good is elastic, (approximately) unit elastic, or inelastic.
Region |
Elastic |
Inelastic |
Unit Elastic |
|
---|---|---|---|---|
Between X and Y | ||||
Between Y and Z | ||||
Between W and X |
True or false: The value of the price elasticity of demand is not equal to the slope of the demand curve.