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SHARE DRAFTS: Interest-paying checking accounts maintained by credit unions. These function much like standard demand deposit checking accounts in that the funds can be withdrawn "on demand" by writing a check, but an interest is paid on the outstanding balance. Share draft accounts are one type of checkable deposits. Others are demand deposits (standard checking accounts), negotiable order of withdrawal (NOW) accounts, and automatic transfer service (ATS) accounts.
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                           ELASTIC DEMAND: The general demand relation in which relatively small changes in price cause relatively large changes in quantity demanded. Small changes in price cause relatively large changes in quantity demanded or the percentage change in quantity demanded is larger than the percentage change in price. This characterization of elasticity is most important for the price elasticity of demand. Elastic demand is one of two general elasticity relations for demand. The other is inelastic demand. An elastic demand relation is a very responsive, or stretchable, relation. The elastic demand relation is most often directed toward demand in terms of the price elasticity of demand. In this context, demand is said to be elastic if the percentage change in quantity is larger than the percentage change in price. This means that buyers are responsive to price changes.An elastic demand relation can fall into one of two categories--perfectly elastic and relatively elastic. - Perfectly Elastic: Perfectly elastic means an infinitesimally small change in price results in an infinitely large change in quantity demanded. This elasticity alternative exists when the price is fixed, that is, an infinite range of quantities is associated with the same price. This is the extreme, limiting case of elastic. Perfectly elastic demand can occur, in theory, when buyers have the choice among a large number of perfect substitutes-in-consumption.
- Relatively Elastic: Relatively elastic means that relatively small changes in price cause relatively large changes in quantity. Quantity is very responsive to price, but not infinitely so. The percentage change in quantity demanded is greater than the percentage change in price. Relatively elastic demand occurs when buyers have the choice among a large number of close but not perfect substitutes-in-consumption.
Recommended Citation:ELASTIC DEMAND, AmosWEB Encyclonomic WEB*pedia, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: July 26, 2024].
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PINK FADFLY
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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 how-to book on fine dining or a coffee cup commemorating the first day of winter. Be on the lookout for letters from the Internal Revenue Service.
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Potato chips were invented in 1853 by a irritated chef repeatedly seeking to appease the hard to please Cornelius Vanderbilt who demanded french fried potatoes that were thinner and crisper than normal.
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"Old age isn't so bad when you consider the alternative. " -- Cato, Roman orator
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BHC
Bank Holding Company
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