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Very few substitutes

Quantity demanded by buyers doesn't change as much as price change

Coefficient between 0 and 1

The way to increase revenue is to increase price

Example:  Only three drugs to treat an illness. There is some choice but it is limited.

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Equation for Perfectly Priced Elastic Demand

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Equation for Perfectly Priced Elastic Demand

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The elastic demand equals

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Cross price measures how consumer purchases of one product are to change in the price of some other product.

Equation : Exy= change in quantity demand of product x/percent change in price of product y

3 Goods :

Substitute, Complementary, Independent

Value of Coefficient :

Cross elasticity :

Positive (Ewz>0)

Negative ( Exy<0)

Income elasticity

Positive (Ei>0)

Negative (Ei<o)

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Criteria  for Perfectly Priced Elastic Demand

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Criteria  for Perfectly Priced Elastic Demand

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A product that has any number of substitutes, but has a cost that is invariable. An example is agriculture.

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1. Price Elasticity Coefficient and Formula

2.Total Revenue Test

3.Graphing (Slope of Curve)

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Coefficient = 1

Graph offsets

Cannot vary price

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Price Effect/ Quantity Effect

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Criteria for Perfectly Price Inelastic Demand

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Criteria for Perfectly Price Inelastic Demand

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Criteria for Relatively Price Elastic Demand

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Criteria for Relatively Price Elastic Demand

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Criteria of Relatively Price Inelastic Demand

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Criteria of Relatively Price Inelastic Demand

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Five Categories: listed below

3 Criteria