Asked by Matthew Eskender on Jun 19, 2024
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What is the meaning of perfectly inelastic demand and perfectly elastic demand? How would each be graphed?
Perfectly Inelastic Demand
Product or resource demand in which price can be of any amount at a particular quantity of the product or resource that is demanded; when the quantity demanded does not respond to a change in price; graphs as a vertical demand curve.
Perfectly Elastic Demand
Product or resource demand in which quantity demanded can be of any amount at a particular product or resource price; graphs as a horizontal demand curve.
Graphed
A method of representing data visually using charts or plots to illustrate relationships between different variables.
- Understand the concepts of perfectly inelastic and perfectly elastic demand and how they are represented graphically.
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Learning Objectives
- Understand the concepts of perfectly inelastic and perfectly elastic demand and how they are represented graphically.
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