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Usually, elasticity of a demand curve throughout its length isn't the same (Fig. below). It varies between 0 and ∞, or in other words,
0 ≤ ep ≥ ∞
In some cases, though, the elasticity remains the same throughout the length of demand curve. Such demand curves can be placed in the subsequent categories: (i) perfectly inelastic (e = 0); (ii) unitary elastic (e = 1); and (iii) perfectly elastic (e = ∞). These three types of demand curves are demonstrated in Fig. below (a), (b) and (c), respectively.
Fig: Constant Elasticity Demand Curve
Why does the demand curve slope downwards? As Figure above demonstrates, demand curve slopes downward to the right. Downward slope of the demand curve reads the law of demand i
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