{"id":4871,"date":"2017-07-01T02:51:13","date_gmt":"2017-07-01T02:51:13","guid":{"rendered":"https:\/\/courses.lumenlearning.com\/wm-macroeconomics\/chapter\/reading-polar-cases-of-elasticity\/"},"modified":"2018-06-01T20:39:30","modified_gmt":"2018-06-01T20:39:30","slug":"categories-of-elasticity","status":"publish","type":"chapter","link":"https:\/\/courses.lumenlearning.com\/oldwestbury-wm-macroeconomics\/chapter\/categories-of-elasticity\/","title":{"raw":"Categories of Elasticity","rendered":"Categories of Elasticity"},"content":{"raw":"<div class=\"textbox learning-objectives\">\r\n<h3>Learning Objectives<\/h3>\r\n<ul>\r\n \t<li>Explain and compare the graphs for the following types of elasticities: elastic, inelastic, unitary, infinite, and zero<\/li>\r\n<\/ul>\r\n<\/div>\r\n<span class=\"annotator-hl\">The language of elasticity can sometimes be confusing. We use the word elasticity to describe the property of responsiveness in economic variables. We also describe the responsiveness as (relatively) elastic or (relatively) inelastic. It gets worse. We can also describe elasticity as perfectly elastic or perfectly inelastic. How to we keep these different meanings understood? That is the purpose of this section.<\/span>\r\n\r\n<span class=\"annotator-hl\">We mentioned previously that elasticity measurements are divided into<\/span>\u00a0three main ranges: elastic, inelastic, and unitary, corresponding to different parts of a linear demand curve.\r\n\r\n<span class=\"annotator-hl\">Demand is described as\u00a0<\/span><strong><span class=\"annotator-hl\">elastic <\/span><\/strong><span class=\"annotator-hl\">when<\/span>\u00a0the computed elasticity is greater than 1, indicating a high responsiveness to changes in price. Computed elasticities that are less than 1 indicate low responsiveness to price changes and are described as<strong>\u00a0inelastic<\/strong> demand. <strong>Unitary elasticities<\/strong> indicate proportional responsiveness of\u00a0 demand.<span class=\"annotator-hl\"> In other words, the percent\u00a0change in quantity\u00a0demanded is equal to the percent change in price<\/span>, so the elasticity equals 1. These ranges are summarized in Table 1, below.\r\n<table id=\"Table_05_01\" summary=\"If percentage change in quantity is greater than percentage change in price then percentage change in quantity divided by percentage change in price is greater than 1, and it is called \u201cElastic.\u201d If percentage change in quantity is equal to percentage change in price then percentage change in quantity divided by percentage change in price is equal to 1, and it is called \u201cUnitary.\u201d If percentage change in quantity is less than percentage change in price then percentage change in quantity divided by percentage change in price is less than 1, and it is called \u201cInelastic.\u201d\">\r\n<thead>\r\n<tr>\r\n<th colspan=\"3\">Table 1. Three Categories\u00a0of Elasticity: Elastic, Inelastic, and Unitary<\/th>\r\n<\/tr>\r\n<\/thead>\r\n<tbody>\r\n<tr>\r\n<th>If . . .<\/th>\r\n<th>Then . . .<\/th>\r\n<th>And It\u2019s Called . . .<\/th>\r\n<\/tr>\r\n<tr>\r\n<td>% change in quantity &gt; %\u00a0change in price<\/td>\r\n<td>Computed Elasticity &gt; 1<\/td>\r\n<td>Elastic<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>% change in quantity = %\u00a0change in price<\/td>\r\n<td>Computed Elasticity = 1<\/td>\r\n<td>Unitary<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>% change in quantity &lt; %\u00a0change in price<\/td>\r\n<td>Computed Elasticity &lt; 1<\/td>\r\n<td>Inelastic<\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\nIt is important to note that both elastic and inelastic are relative terms, as shown in Figure 1, below. As one moves down the demand curve from top left to bottom right, the measured elasticity is much greater than one (very elastic), then just greater than one (somewhat elastic), then equal to one (unitary elastic, then less than one (somewhat inelastic), and finally much less than one (very inelastic). Note that the epsilon symbol,\u00a0\u03b5, is often used to represent elasticity.\r\n\r\n[caption id=\"attachment_8062\" align=\"aligncenter\" width=\"375\"]<img class=\"wp-image-8062 size-full\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/2043\/2017\/07\/22060817\/Screen-Shot-2018-01-22-at-12.04.43-AM1.png\" alt=\"Downward sloping line in a typical price\/quantity graph (price on the y-axis and quantity demanded on the x-axis). The downward sloping line shows that epsilon is greater than 1 when price is high, then equal to one in the center of the line, then below 1 towards the bottom of the line, when price is low and quantity demanded is high.\" width=\"375\" height=\"345\" \/> <strong>Figure 1. Variations in Elasticity<\/strong>. As you saw earlier, price elasticity of demand ranges from more than 1 at high prices and less than 1 at low prices. Measured elasticities decreases as one moves down the demand curve from left to right.[\/caption]\r\n<h2>Polar Cases of Elasticity<\/h2>\r\nThere are also two extreme cases of elasticity: when computed<span style=\"color: #0000ff;\">\u00a0<\/span>elasticity equals zero and when it's infinite. We will describe each case.\r\n\r\nA<strong> perfectly <\/strong>(or<strong> infinitely<\/strong>)<strong> elastic <\/strong>demand curve<strong>\u00a0<\/strong>refers to the extreme case in which the quantity demanded (Qd) increases\u00a0by an infinite amount in response to any decrease in price at all. Similarly, quantity demanded drops to zero for any increase in the price. A perfectly elastic demand curve is horizontal, as shown in Figure 2, below.\u00a0While it's difficult to think of real world example of infinite elasticity, it will be important when we study perfectly competitive markets. It's a situation where consumers are extremely sensitive to changes in price. Say, for example,\u00a0if\u00a0the price of cruises to the Caribbean decreased, everyone would buy tickets (i.e., quantity demanded would increase to infinity), or when the price of cruises to the Caribbean increased, not a single person would be on the boat (i.e., quantity demanded would decrease to zero).\u00a0Perfectly elastic demand is an \"all or nothing\" thing!\r\n\r\n[caption id=\"attachment_6072\" align=\"aligncenter\" width=\"287\"]<img class=\"wp-image-6072 size-full\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/2043\/2017\/07\/31000646\/Screen-Shot-2017-10-30-at-7.05.55-PM.png\" alt=\"A graph showing perfectly elastic demand as a straight, horizontal line.\" width=\"287\" height=\"243\" \/> <strong>Figure 2. Infinite Elasticity.<\/strong> This shows a perfectly elastic demand curve.\u00a0 The horizontal line shows that an infinite quantity will be demanded at a specific price. The quantity demanded is extremely responsive to price changes, moving from zero for prices close to P to infinite when prices reach P.[\/caption]\r\n\r\nWhile <strong>perfectly inelastic demand<\/strong> is an extreme case, necessities with no close substitutes are likely to have highly inelastic demand curves. This is the case with life-saving prescription drugs, for example. Consider a person with kidney failure who needs insulin to stay alive. A\u00a0specific quantity of insulin is prescribed to the patient. If the price of insulin decreases, the patient can't stock up and save it for the future.\u00a0If the price of insulin increases, the patient will continue to purchase\u00a0the same quantity needed to stay alive. Perfectly inelastic demand means that quantity demanded remains the same when price increases or decreases. Consumers are completely unresponsive to changes in price.\r\n\r\n[caption id=\"attachment_6071\" align=\"aligncenter\" width=\"306\"]<img class=\"wp-image-6071 size-full\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/2043\/2017\/07\/31000644\/Screen-Shot-2017-10-30-at-7.06.21-PM.png\" alt=\"A vertical line showing zero elasticity.\" width=\"306\" height=\"244\" \/> <strong>Figure 3. Zero Elasticity<\/strong>.\u00a0A perfectly inelastic demand curve. The vertical line shows that at any price, the quantity demanded remains the same. The measured elasticity is zero.[\/caption]\r\n\r\nFinal note: even though perfectly elastic and perfectly inelastic curves correspond to horizontal and vertical curves, remember that, in general, elasticity is not the same as the slope.\r\n<div class=\"textbox examples\">\r\n<h3>Watch It<\/h3>\r\nWatch this video to see graphed examples of perfectly inelastic, relatively inelastic, unit elastic, relatively elastic, and perfectly elastic demand.\r\n\r\n<script type=\"text\/javascript\" src=\"\/\/static.3playmedia.com\/p\/projects\/20361\/files\/2587529\/plugins\/11085.js\"><\/script><script src=\"https:\/\/www.youtube.com\/iframe_api\" type=\"text\/javascript\"><\/script>\r\n<iframe id=\"myytplayer\" src=\"https:\/\/www.youtube.com\/embed\/HHcblIxiAAk?enablejsapi=1\" width=\"800\" height=\"470\" frameborder=\"0\"><\/iframe>\r\n\r\n<\/div>\r\n<div class=\"textbox tryit\">\r\n<h3>Try It<\/h3>\r\nhttps:\/\/assessments.lumenlearning.com\/assessments\/7157\r\n\r\nhttps:\/\/assessments.lumenlearning.com\/assessments\/7158\r\n\r\n<\/div>\r\n<div class=\"textbox tryit\">\r\n<h3>Try It<\/h3>\r\nThese questions allow you to get as much practice as you need, as you can click the link at the top of the first question (\u201cTry another version of these questions\u201d) to get a new set of questions. Practice until you feel comfortable doing the questions.\r\n\r\n[ohm_question]152001-152004-152019-152021-152022[\/ohm_question]\r\n\r\n<\/div>\r\n<div class=\"textbox learning-objectives\">\r\n<h3>Glossary<\/h3>\r\n<dl id=\"fs-idp17966400\">\r\n \t<dt>[glossary-page][glossary-term]perfectly\u00a0(or infinitely) elastic: [\/glossary-term][glossary-definition]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 [\/glossary-definition][glossary-term]perfectly inelastic: [\/glossary-term][glossary-definition]the highly inelastic case of demand in which a percentage change in price, no matter how large, results in zero change in the quantity; thus, the price elasticity of demand is zero; vertical in appearance[\/glossary-definition][glossary-term](relatively) elastic: [\/glossary-term][glossary-definition]the percentage change in quantity demanded is greater than the percentage change in price; measured price elasticity of demand is greater than one (in absolute value) [\/glossary-definition][glossary-term](relatively) inelastic:\u00a0[\/glossary-term][glossary-definition]the percentage change in quantity demanded is less than the percentage change in price; measure price elasticity of demand is less than one (in absolute value)[\/glossary-definition][glossary-term]unitary elastic:[\/glossary-term] [glossary-definition]when a given percent price change in price leads to an equal percentage change in quantity demanded[\/glossary-definition][\/glossary-page]<\/dt>\r\n<\/dl>\r\n<\/div>","rendered":"<div class=\"textbox learning-objectives\">\n<h3>Learning Objectives<\/h3>\n<ul>\n<li>Explain and compare the graphs for the following types of elasticities: elastic, inelastic, unitary, infinite, and zero<\/li>\n<\/ul>\n<\/div>\n<p><span class=\"annotator-hl\">The language of elasticity can sometimes be confusing. We use the word elasticity to describe the property of responsiveness in economic variables. We also describe the responsiveness as (relatively) elastic or (relatively) inelastic. It gets worse. We can also describe elasticity as perfectly elastic or perfectly inelastic. How to we keep these different meanings understood? That is the purpose of this section.<\/span><\/p>\n<p><span class=\"annotator-hl\">We mentioned previously that elasticity measurements are divided into<\/span>\u00a0three main ranges: elastic, inelastic, and unitary, corresponding to different parts of a linear demand curve.<\/p>\n<p><span class=\"annotator-hl\">Demand is described as\u00a0<\/span><strong><span class=\"annotator-hl\">elastic <\/span><\/strong><span class=\"annotator-hl\">when<\/span>\u00a0the computed elasticity is greater than 1, indicating a high responsiveness to changes in price. Computed elasticities that are less than 1 indicate low responsiveness to price changes and are described as<strong>\u00a0inelastic<\/strong> demand. <strong>Unitary elasticities<\/strong> indicate proportional responsiveness of\u00a0 demand.<span class=\"annotator-hl\"> In other words, the percent\u00a0change in quantity\u00a0demanded is equal to the percent change in price<\/span>, so the elasticity equals 1. These ranges are summarized in Table 1, below.<\/p>\n<table id=\"Table_05_01\" summary=\"If percentage change in quantity is greater than percentage change in price then percentage change in quantity divided by percentage change in price is greater than 1, and it is called \u201cElastic.\u201d If percentage change in quantity is equal to percentage change in price then percentage change in quantity divided by percentage change in price is equal to 1, and it is called \u201cUnitary.\u201d If percentage change in quantity is less than percentage change in price then percentage change in quantity divided by percentage change in price is less than 1, and it is called \u201cInelastic.\u201d\">\n<thead>\n<tr>\n<th colspan=\"3\">Table 1. Three Categories\u00a0of Elasticity: Elastic, Inelastic, and Unitary<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<th>If . . .<\/th>\n<th>Then . . .<\/th>\n<th>And It\u2019s Called . . .<\/th>\n<\/tr>\n<tr>\n<td>% change in quantity &gt; %\u00a0change in price<\/td>\n<td>Computed Elasticity &gt; 1<\/td>\n<td>Elastic<\/td>\n<\/tr>\n<tr>\n<td>% change in quantity = %\u00a0change in price<\/td>\n<td>Computed Elasticity = 1<\/td>\n<td>Unitary<\/td>\n<\/tr>\n<tr>\n<td>% change in quantity &lt; %\u00a0change in price<\/td>\n<td>Computed Elasticity &lt; 1<\/td>\n<td>Inelastic<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>It is important to note that both elastic and inelastic are relative terms, as shown in Figure 1, below. As one moves down the demand curve from top left to bottom right, the measured elasticity is much greater than one (very elastic), then just greater than one (somewhat elastic), then equal to one (unitary elastic, then less than one (somewhat inelastic), and finally much less than one (very inelastic). Note that the epsilon symbol,\u00a0\u03b5, is often used to represent elasticity.<\/p>\n<div id=\"attachment_8062\" style=\"width: 385px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-8062\" class=\"wp-image-8062 size-full\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/2043\/2017\/07\/22060817\/Screen-Shot-2018-01-22-at-12.04.43-AM1.png\" alt=\"Downward sloping line in a typical price\/quantity graph (price on the y-axis and quantity demanded on the x-axis). The downward sloping line shows that epsilon is greater than 1 when price is high, then equal to one in the center of the line, then below 1 towards the bottom of the line, when price is low and quantity demanded is high.\" width=\"375\" height=\"345\" \/><\/p>\n<p id=\"caption-attachment-8062\" class=\"wp-caption-text\"><strong>Figure 1. Variations in Elasticity<\/strong>. As you saw earlier, price elasticity of demand ranges from more than 1 at high prices and less than 1 at low prices. Measured elasticities decreases as one moves down the demand curve from left to right.<\/p>\n<\/div>\n<h2>Polar Cases of Elasticity<\/h2>\n<p>There are also two extreme cases of elasticity: when computed<span style=\"color: #0000ff;\">\u00a0<\/span>elasticity equals zero and when it&#8217;s infinite. We will describe each case.<\/p>\n<p>A<strong> perfectly <\/strong>(or<strong> infinitely<\/strong>)<strong> elastic <\/strong>demand curve<strong>\u00a0<\/strong>refers to the extreme case in which the quantity demanded (Qd) increases\u00a0by an infinite amount in response to any decrease in price at all. Similarly, quantity demanded drops to zero for any increase in the price. A perfectly elastic demand curve is horizontal, as shown in Figure 2, below.\u00a0While it&#8217;s difficult to think of real world example of infinite elasticity, it will be important when we study perfectly competitive markets. It&#8217;s a situation where consumers are extremely sensitive to changes in price. Say, for example,\u00a0if\u00a0the price of cruises to the Caribbean decreased, everyone would buy tickets (i.e., quantity demanded would increase to infinity), or when the price of cruises to the Caribbean increased, not a single person would be on the boat (i.e., quantity demanded would decrease to zero).\u00a0Perfectly elastic demand is an &#8220;all or nothing&#8221; thing!<\/p>\n<div id=\"attachment_6072\" style=\"width: 297px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-6072\" class=\"wp-image-6072 size-full\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/2043\/2017\/07\/31000646\/Screen-Shot-2017-10-30-at-7.05.55-PM.png\" alt=\"A graph showing perfectly elastic demand as a straight, horizontal line.\" width=\"287\" height=\"243\" \/><\/p>\n<p id=\"caption-attachment-6072\" class=\"wp-caption-text\"><strong>Figure 2. Infinite Elasticity.<\/strong> This shows a perfectly elastic demand curve.\u00a0 The horizontal line shows that an infinite quantity will be demanded at a specific price. The quantity demanded is extremely responsive to price changes, moving from zero for prices close to P to infinite when prices reach P.<\/p>\n<\/div>\n<p>While <strong>perfectly inelastic demand<\/strong> is an extreme case, necessities with no close substitutes are likely to have highly inelastic demand curves. This is the case with life-saving prescription drugs, for example. Consider a person with kidney failure who needs insulin to stay alive. A\u00a0specific quantity of insulin is prescribed to the patient. If the price of insulin decreases, the patient can&#8217;t stock up and save it for the future.\u00a0If the price of insulin increases, the patient will continue to purchase\u00a0the same quantity needed to stay alive. Perfectly inelastic demand means that quantity demanded remains the same when price increases or decreases. Consumers are completely unresponsive to changes in price.<\/p>\n<div id=\"attachment_6071\" style=\"width: 316px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-6071\" class=\"wp-image-6071 size-full\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/2043\/2017\/07\/31000644\/Screen-Shot-2017-10-30-at-7.06.21-PM.png\" alt=\"A vertical line showing zero elasticity.\" width=\"306\" height=\"244\" \/><\/p>\n<p id=\"caption-attachment-6071\" class=\"wp-caption-text\"><strong>Figure 3. Zero Elasticity<\/strong>.\u00a0A perfectly inelastic demand curve. The vertical line shows that at any price, the quantity demanded remains the same. The measured elasticity is zero.<\/p>\n<\/div>\n<p>Final note: even though perfectly elastic and perfectly inelastic curves correspond to horizontal and vertical curves, remember that, in general, elasticity is not the same as the slope.<\/p>\n<div class=\"textbox examples\">\n<h3>Watch It<\/h3>\n<p>Watch this video to see graphed examples of perfectly inelastic, relatively inelastic, unit elastic, relatively elastic, and perfectly elastic demand.<\/p>\n<p><script type=\"text\/javascript\" src=\"\/\/static.3playmedia.com\/p\/projects\/20361\/files\/2587529\/plugins\/11085.js\"><\/script><script src=\"https:\/\/www.youtube.com\/iframe_api\" type=\"text\/javascript\"><\/script><br \/>\n<iframe loading=\"lazy\" id=\"myytplayer\" src=\"https:\/\/www.youtube.com\/embed\/HHcblIxiAAk?enablejsapi=1\" width=\"800\" height=\"470\" frameborder=\"0\"><\/iframe><\/p>\n<\/div>\n<div class=\"textbox tryit\">\n<h3>Try It<\/h3>\n<p>\t<iframe id=\"lumen_assessment_7157\" class=\"resizable\" src=\"https:\/\/assessments.lumenlearning.com\/assessments\/load?assessment_id=7157&#38;embed=1&#38;external_user_id=&#38;external_context_id=&#38;iframe_resize_id=lumen_assessment_7157\" frameborder=\"0\" style=\"border:none;width:100%;height:100%;min-height:400px;\"><br \/>\n\t<\/iframe><\/p>\n<p>\t<iframe id=\"lumen_assessment_7158\" class=\"resizable\" src=\"https:\/\/assessments.lumenlearning.com\/assessments\/load?assessment_id=7158&#38;embed=1&#38;external_user_id=&#38;external_context_id=&#38;iframe_resize_id=lumen_assessment_7158\" frameborder=\"0\" style=\"border:none;width:100%;height:100%;min-height:400px;\"><br \/>\n\t<\/iframe><\/p>\n<\/div>\n<div class=\"textbox tryit\">\n<h3>Try It<\/h3>\n<p>These questions allow you to get as much practice as you need, as you can click the link at the top of the first question (\u201cTry another version of these questions\u201d) to get a new set of questions. Practice until you feel comfortable doing the questions.<\/p>\n<p><iframe loading=\"lazy\" id=\"ohm152001\" class=\"resizable\" src=\"https:\/\/ohm.lumenlearning.com\/multiembedq.php?id=152001-152004-152019-152021-152022&theme=oea&iframe_resize_id=ohm152001&show_question_numbers\" width=\"100%\" height=\"150\"><\/iframe><\/p>\n<\/div>\n<div class=\"textbox learning-objectives\">\n<h3>Glossary<\/h3>\n<dl id=\"fs-idp17966400\">\n<dt>\n<div class=\"titlepage\">\n<dl>\n<dt>perfectly\u00a0(or infinitely) elastic: <\/dt>\n<dd>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 <\/dd>\n<dt>perfectly inelastic: <\/dt>\n<dd>the highly inelastic case of demand in which a percentage change in price, no matter how large, results in zero change in the quantity; thus, the price elasticity of demand is zero; vertical in appearance<\/dd>\n<dt>(relatively) elastic: <\/dt>\n<dd>the percentage change in quantity demanded is greater than the percentage change in price; measured price elasticity of demand is greater than one (in absolute value) <\/dd>\n<dt>(relatively) inelastic:\u00a0<\/dt>\n<dd>the percentage change in quantity demanded is less than the percentage change in price; measure price elasticity of demand is less than one (in absolute value)<\/dd>\n<dt>unitary elastic:<\/dt>\n<dd>when a given percent price change in price leads to an equal percentage change in quantity demanded<\/dd>\n<\/dl>\n<\/div>\n<\/dt>\n<\/dl>\n<\/div>\n\n\t\t\t <section class=\"citations-section\" role=\"contentinfo\">\n\t\t\t <h3>Candela Citations<\/h3>\n\t\t\t\t\t <div>\n\t\t\t\t\t\t <div id=\"citation-list-4871\">\n\t\t\t\t\t\t\t <div class=\"licensing\"><div class=\"license-attribution-dropdown-subheading\">CC licensed content, Original<\/div><ul class=\"citation-list\"><li>Revision and adaptation. <strong>Provided by<\/strong>: Lumen Learning. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\">CC BY: Attribution<\/a><\/em><\/li><\/ul><div class=\"license-attribution-dropdown-subheading\">CC licensed content, Shared previously<\/div><ul class=\"citation-list\"><li>Polar Cases of Elasticity and Constant Elasticity. <strong>Authored by<\/strong>: OpenStax College. <strong>Located at<\/strong>: <a target=\"_blank\" href=\"https:\/\/cnx.org\/contents\/vEmOH-_p@4.44:1WwRttw8@5\/Polar-Cases-of-Elasticity-and-\">https:\/\/cnx.org\/contents\/vEmOH-_p@4.44:1WwRttw8@5\/Polar-Cases-of-Elasticity-and-<\/a>. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\">CC BY: Attribution<\/a><\/em>. <strong>License Terms<\/strong>: Download for free at http:\/\/cnx.org\/contents\/bc498e1f-efe9-43a0-8dea-d3569ad09a82@4.44<\/li><\/ul><div class=\"license-attribution-dropdown-subheading\">All rights reserved content<\/div><ul class=\"citation-list\"><li>Elasticity and the Total Revenue Test- Micro 2.9. <strong>Provided by<\/strong>: ACDCLeadership. <strong>Located at<\/strong>: <a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=HHcblIxiAAk\">https:\/\/www.youtube.com\/watch?v=HHcblIxiAAk<\/a>. <strong>License<\/strong>: <em>Other<\/em>. <strong>License Terms<\/strong>: Standard YouTube License<\/li><\/ul><\/div>\n\t\t\t\t\t\t <\/div>\n\t\t\t\t\t <\/div>\n\t\t\t <\/section>","protected":false},"author":29,"menu_order":9,"template":"","meta":{"_candela_citation":"[{\"type\":\"cc\",\"description\":\"Polar Cases of Elasticity and Constant Elasticity\",\"author\":\"OpenStax College\",\"organization\":\"\",\"url\":\"https:\/\/cnx.org\/contents\/vEmOH-_p@4.44:1WwRttw8@5\/Polar-Cases-of-Elasticity-and-\",\"project\":\"\",\"license\":\"cc-by\",\"license_terms\":\"Download for free at http:\/\/cnx.org\/contents\/bc498e1f-efe9-43a0-8dea-d3569ad09a82@4.44\"},{\"type\":\"original\",\"description\":\"Revision 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