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INELASTIC DEMAND: Relatively large changes in demand price cause relatively smaller changes in quantity demanded. Inelastic demand means that changes in the quantity demanded are not very responsive to changes in the demand price. An inelastic demand has a coefficient of elasticity less than one (the negative value is ignored). You might want to compare inelastic demand to elastic demand, inelastic supply, and elastic supply.

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Lesson 7: Market | Unit 2: The Numbers Page: 8 of 22

Topic: Equilibrium <=PAGE BACK | PAGE NEXT=>

What would happen if buyers and sellers faced a price of 50 cents?
  • At 50 cents, the quantity demanded is 400 tapes.
  • At 50 cents, the quantity supplied is 400 tapes.
  • The quantity demanded is the same as the quantity supplied at this 50 cent price.
  • This IS equilibrium.
  • This equilibrium price and equilibrium quantity will remain until something else changes.
  • This 50 cent price is the only one that matches the quantity demanded and the quantity supply

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AUTOMATIC TRANSFER SERVICE ACCOUNTS

Deposit accounts offered by commercial banks, credit unions, savings and loan associations, and mutual savings banks that automatically transfer funds from interest-paying savings account to checking accounts when needed to process checks or to maintain minimum balances. Automatic transfer service (ATS) accounts effectively function as interest-paying checking accounts and are considered as one type of checkable deposits. Other checkable deposits are demand deposits (standard checking accounts), negotiable order of withdrawal (NOW) accounts, and share draft accounts.

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Today, you are likely to spend a great deal of time at an auction hoping to buy either storage boxes for your family photos or a large, stuffed giraffe. Be on the lookout for fairy dust that tastes like salt.
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Before 1933, the U.S. dime was legal as payment only in transactions of $10 or less.
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