4. Elastic, inelastic, and unit-elastic demand
The following graph shows the demand for a good.
For each of the regions listed in the following table, use the midpoint method to identify if the demand for this good is elastic, (approximately) unit elastic, or inelastic.
Region | Elastic | Inelastic | Unit Elastic | |
---|---|---|---|---|
Between Y and Z | ||||
Between X and Y | ||||
Between W and X |
True or False: The value of the price elasticity of demand is not equal to the slope of the demand curve.
True
False
For each of the regions listed in the following table, use the midpoint method to identify if the demand for this good is elastic, (approximately) unit elastic, or inelastic.