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RELATIVELY INELASTIC: An elasticity alternative in which relatively large changes in price cause relatively small changes in quantity. In other words, quantity is not very responsive to price. Relatively inelastic should be compared with other elasticity alternatives--relatively elastic, perfectly inelastic, perfectly elastic, and unit elastic.

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Lesson 11: Elasticity Basics | Unit 3: Measurement Page: 13 of 25

Topic: Doing The Numbers: Endpoint <=PAGE BACK | PAGE NEXT=>

  • Our task is to calculated the price elasticity of demand using the endpoint formula. I am presenting the endpoint formula for reference.

    endpoint
    elasticity
    =(Q2 - Q1)
    Q1
    ÷(P2 - P1)
    P1

  • Suppose the values for this formula are P1 = $2.49, Q1 = 5,447 unit of a given good (say Tacos), P2 = $1.99, Q2 = 6,608 units of Tacos

    endpoint
    elasticity
    =0.21 ÷ - 0.20=- 1.05

  • This value - 1.05 indicates that the a one percent decline in the price of Tacos results in a 1.05 percent increase in quantity demanded.


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LAW

A generally accepted, verified, proven, fundamental scientific relation. A law is a scientifically certified, thoroughly verified, cause-and-effect relation about the workings of the world. It has been tested and retested through the scientific method. The law of demand, law of increasing opportunity cost, and law of diminishing marginal utility are three fundamental (and extremely important) economic laws of nature.

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Today, you are likely to spend a great deal of time at a dollar discount store hoping to buy either a birthday gift for your mother or a weathervane with a horse on top. Be on the lookout for fairy dust that tastes like salt.
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There were no banks in colonial America before the U.S. Revolutionary War. Anyone seeking a loan did so from another individual.
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