Is anybody getting confused with terms such as “less elastic” or “more elastic”, I understand the different implications of elastic and inelastic demand. However when terms like less and more are thrown in it, throws me way off. Likewise when referring to elastic supply.
The left graph shows a relatively more elastic (more flat) demand curve, the right graph shows a relatively less elastic (less flat, eg. steep) demand curve. Replace “elastic” with “flat” and try and visualize it.
Thanks, this is definitly an improvement to what i attempted to visualize
Remember the letter I for inelastic - the curve is vertical like the letter I
Perfectly elastic is horizontal
whats the range for demand and supply elasticity