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 Lesson 12: Elasticity and Demand | Unit 2: The Continuum Page: 6 of 25

 Topic: Five Alternatives <=PAGE BACK | PAGE NEXT=>

• A precise categorization separates elasticity into five alternatives along a continuum:

• Perfectly inelastic demand results if the elasticity coefficient is 0.

• In the range greater than 0 and less 1, demand is relatively inelastic.

• If the coefficient is exactly equal to 1, demand is unit elastic.

• Demand occupies the relatively elastic range of the continuum with an elasticity coefficient greater than 1 and less than infinity.

• At the far extreme, perfectly elastic demand results if the elasticity coefficient is infinity.

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UNCERTAINTY

The observation and recognition that information, especially information about the future, is not known. While any number of events might occur in the future, uncertainty exists because which specific events will occur is unknown. A related concept is risk, which is assigning probabilities to potential future outcomes. Uncertainty is a central component in the economic study of information.

 GREEN LOGIGUIN[What's This?] Today, you are likely to spend a great deal of time lost in your local discount super center hoping to buy either several magazines on computer software or a T-shirt commemorating the second moon landing. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.Your Complete Scope
 North Carolina supplied all the domestic gold coined for currency by the U.S. Mint in Philadelphia until 1828.
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 AVCAverage Variable Cost
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