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Given the demand curve that is a rectangular hyperbola with a demand function of the form Q equals 1 over P Show that the point of elestacity will be unitary throughout the demand curve?
Wiki User
∙ 15y ago
Assuming that the given demand curve is a rectangular hyperbola, total expenditure (i.e. rectangular area or Q*P) is the same for each point on the length of the curve. Next we use the demand function to determine the total expenditure value as Q=1/P=>Q*P=1, and we have consequently a demand curve of unitary elasticity.
Wiki User
∙ 15y ago
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