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OPERATING STATEMENT: A statement of the revenues, expenditures, and profit for a business, household, or government entity over a given period of time. An income statement also goes by the names profit and loss statement, earnings report, and income statement. This is one of two key financial statements for an entity. The other is a balance sheet, which is a statement of assets, liabilities, and net worth at a given point in time.

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Lesson 11: Elasticity Basics | Unit 4: A Continuum Page: 21 of 25

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

  • Let's end this unit with what lies in the middle of the elasticity continuum lies unit elastic.

  • Unit elastic is an elasticity alternative in which any percentage change in one variable (price) causes an equal percentage change in another variable (quantity).
  • This applies to both the price elasticity of demand and the price elasticity of supply, because the negative value of the price elasticity of demand is ignored.

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ELASTICITY ALTERNATIVES, SUPPLY

Five categories of the price elasticity of supply that reflect the entire range of the relative responsiveness of a change in quantity supplied to a change in price. These five alternatives--perfectly elastic, relatively elastic, unit elastic, relatively inelastic, and perfectly inelastic--are often illustrated by different supply curves. The price elasticity of demand is also reflected by five comparable alternatives.

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Today, you are likely to spend a great deal of time searching for rummage sales seeking to buy either 500 feet of telephone cable or a package of 4 by 6 index cards, the ones with lines. Be on the lookout for letters from the Internal Revenue Service.
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Woodrow Wilson's portrait adorned the $100,000 bill that was removed from circulation in 1929. Woodrow Wilson was removed from circulation in 1924.
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