Principles of Microeconomics / Unit 4 MIC 0310 short lesson, about 20 seconds
Constant Unitary Elasticity
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The idea
A unit-elastic curve has quantity change by the same percentage as price everywhere: for demand a curve, steep at the left and flat at the right; for supply a straight line through the origin.
In practice
Halving the price doubles quantity anywhere on the demand version.
Where people slip
Along a unit-elastic demand curve spending never changes: the total revenue test of video three fourteen.
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