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PERFECTLY ELASTIC: An elasticity alternative in which infinitesimally small changes in price cause infinitely large changes in quantity. In other words, quantity is hyper, super, infinitely responsive to price. Any change in price, no matter how small triggers an infinite change in quantity. Perfectly elastic should be compared with other elasticity alternatives--perfectly inelastic, relatively elastic, relatively inelastic, and unit elastic.

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Lesson 10: Utility and Demand | Unit 5: Beyond Demand Page: 19 of 21

Topic: Demand Elasticity <=PAGE BACK | PAGE NEXT=>

  • While knowing why a higher price entices buyers to buy less or a lower price entices them to buy more is extremely important, we often need to know more than WHY? we need to know HOW MUCH?

  • Taking a closer look at demand entails an answer to this HOW MUCH? question.

    This is addressed under the topic of elasticity.

  • By way of preview, let me note that:
  • Elasticity is the responsiveness of one variable resulting from changes in another variable.
  • The two variables that intrigues us the most are demand price and quantity demanded.

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SCIENTIFIC METHOD

A structured way of investigating and explaining the operation of the world by testing and verifying hypothesized relations. The scientific method is a process of discovery, a method of explaining the way the world operates. Positive economics is the application of the scientific method to economic analysis.

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APLS

RED AGGRESSERINE
[What's This?]

Today, you are likely to spend a great deal of time searching for a specialty store trying to buy either a pair of red and purple designer socks or a T-shirt commemorating Thor Heyerdahl's Pacific crossing aboard the Kon-Tiki. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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This isn't me! What am I?

It's estimated that the U.S. economy has about $20 million of counterfeit currency in circulation, less than 0.001 perecent of the total legal currency.
"The vacuum created by failure to communicate will quickly be filled with rumor, misrepresentations, drivel and poison. "

-- C. Northcote Parkinson, historian

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