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 Lesson 11: Elasticity Basics | Unit 4: A Continuum Page: 20 of 25

 Topic: Relatively Inelastic <=PAGE BACK | PAGE NEXT=>

• Another large section of the elasticity continuum is comprise of relatively inelastic:

• Relatively inelastic is an elasticity alternative in which relatively large changes in one variable (price) cause relatively small changes in another variable (quantity).
• Once again, this works for both the price elasticity of demand and the price elasticity of supply, because the negative value of the price elasticity of demand is ignored.

• Relatively inelastic demand and supply are represented by relatively steep, but not perfectly vertical, demand and supply curves.

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PERFECT COMPETITION, LONG-RUN EQUILIBRIUM CONDITIONS

The long-run equilibrium of a perfectly competitive industry generates six specific equilibrium conditions, including: (1) economic efficiency (P = MC), (2) profit maximization (MR = MC), (3) perfect competition (MR = AR = P), (4) breakeven output (P = AR = ATC), (5) minimum production cost (MC = ATC), and (6) minimum efficient scale (MC = ATC = LRAC = LRMC).

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 In the Middle Ages, pepper was used for bartering, and it was often more valuable and stable in value than gold.
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 AIBDAssociation of International Bond Dealers (now called International Securities Market Association)
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