the highly inelastic case of demand or supply in which a percentage change in price, no matter how large, results in zero change in the quantity; vertical in appearance.

Econ Ch5 - Elasticity

the percentage change in hours worked divided by the percentage change in wages.

when the calculated elasticity is equal to one indicating that a change in the price of the good or service results in a proportional change in the quantity demanded or supplied.

manner in which the tax burden is divided between buyers and sellers.

percentage change in the quantity supplied divided by the percentage change in price.

percentage change in the quantity demanded of a good or service divided the percentage change in price.

the relationship between the percent change in price resulting in a corresponding percentage change in the quantity demanded or supplied.

the extremely elastic situation of demand or supply where quantity changes by an infinite amount in response to any change in price; horizontal in appearance.

when the elasticity of supply is less than one, indicating that a 1 percent increase in price paid to the firm will result in a less than 1 percent increase in production by the firm; this indicates a low responsiveness of the firm to price increases (and vice versa if prices drop).

when the elasticity of demand is less than one, indicating that a 1 percent increase in price paid by the consumer leads to less than a 1 percent change in purchases (and vice versa); this indicates a low responsiveness by consumers to price changes.

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