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When supply and demand are perfectly elastic/inelastic
Because it is basically curved shape, therefore, there are points/areas on the curve where the demand or supply will be elastic and on some other parts be inelastic. At the top of the curve, demand/supply tends to be inelastic and at the bottom of the curve, it tends to be elastic. Obviously, the more you go up the more we reach the perfectly inelastic demand/supply and the further you go down the curve, the more you reach the perfectly elastic demand/supply
It is false that the steeper the demand curve the less elastic the demand curve. The steeper line is used in economics to indicate the inelastic demand curve.
Demand and cost are inversely related, i.e., as the cost goes up, the demand goes down, and as cost goes down, demand goes up. So any two cost-demand curves are are inversely related constitute a perfect elastic supply curve.
Then demand and supply are equal.
Unit elastic - Describes a supply or demand curve which is perfectly responsive to changes in price. That is, the quantity supplied or demanded changes according to the same percentage as the change in price. A curve with an elasticity of 1 is unit elastic.
The world supply curve is considered perfectly elastic.
by finding where the supply curve and the demand curve intersect
The demand curve would be perfectly elastic.
supply and demand curve for hybrid vehicles
a supply curve and a demand curveA supply curve and a demand curve.
a supply curve and a demand curveA supply curve and a demand curve.