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Chapter 5: Q.14 (page 130)

Describe the general appearance of a demand or a supply curve with infinite elasticity.

Short Answer

Expert verified

At a given price, there is an endless amount of quantity demanded or provided.

Step by step solution

01

Step: Definition

Demand and supply curve:

While demand is concerned with the desire of the consumer to make a profit, supply is concerned with the desire of the supplier to make a profit. A supply schedule depicts the quantity of product that a supplier is willing and able to offer the market at particular price points over a specified time period.

02

Step 2; Explanation

If a demand or supply curve has infinite elasticity, it means it is perfectly elastic. As a result, the quantity supplied or sought reacts quickly to price changes. A curve like this is horizontal and parallel to the x axis.

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Most popular questions from this chapter

From the data in Table 5.6 about the supply of alarm clocks, calculate the price elasticity of supply from point J to point K, point L to point M, and point N to point P. Classify the elasticity at each point as elastic, inelastic, or unit elastic.

The average annual income rises from \(25,000 to \)38,000, and the quantity of bread consumed in a year by the average person falls from 30 loaves to 22 loaves. What is the income elasticity of bread consumption? Is bread a normal or an inferior good?

The federal government decides to require that automobile manufacturers install new anti-pollution equipment that costs $2,000 per car. Under what conditions can carmakers pass almost all of this cost along to car buyers? Under what conditions can carmakers pass very little of this cost along to car buyers?

Suppose you could buy shoes one at a time, rather than in pairs. What do you predict the cross-price elasticity for left shoes and right shoes would be?

What is the formula for the wage elasticity of labor supply?
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