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 Lesson 11: Elasticity Basics | Unit 4: A Continuum Page: 22 of 25

 Topic: Unit Review <=PAGE BACK | PAGE NEXT=>

In this unit, you should have learned about:
• The elasticity continuum that ranges from 0 to infinity.
• The five elasticity alternatives -- perfectly elastic, relatively elastic, unit elastic, relatively inelastic, perfectly inelastic.
• Perfectly elastic as the alternative in which price is fixed.
• Relatively elastic as the alternative in which small changes in price cause large changes in quantity.
• Perfectly inelastic as the alternative in which quantity is fixed.
• Relatively inelastic as the alternative in which large changes in price cause small changes in quantity.
• Unit elastic as the alternative in which changes in price are matched by changes in quantity.

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INTERCEPT, SAVING LINE

The intercept of the saving line indicates autonomous saving, saving that does not depend on the level of income or production. This can be thought of as the baseline level of saving that would be undertaken if income falls to zero. Autonomous saving is affected by the consumption expenditures determinants, which cause a change in the intercept and a shift of the saving line. The value of the intercept of the saving line is the negative of the value of the intercept of the consumption line.

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