Consider these situations. In each situation, is the demand for the good elastic or inelastic?

BLANK As the price of flat-screen televisions decreases, the quantity demanded increases significantly.

BLANK As the price of bread decreases, the quantity demanded changes only slightly.

BLANK As the price of a drug used to treat heart disease increases, the quantity demanded remains unchanged.

1. Elastic demand : If the absolute value of price elasticity is greater than one, it means demand is elastic. Elastic demand means that quantity demanded is sensitive to price changes.

If demand is elastic and price is decreased, quantity demanded would increase. The increase in quantity demanded would be greater than the decrease in demand and this would lead to an increase in revenue.

2. Inelastic demand : Demand is inelastic if a small change in price has little or no effect on quantity demanded. The absolute value of elasticity would be less than one.

3. Unit elastic demand : Demand is unit elastic if a small change in price has an equal and proportionate effect on quantity demanded.

4. Perfectly elastic demand : when demand is perfectly elastic, demand falls to zero when price increases

5.Perfectly inelastic demand : demand is perfectly inelastic when there is no change in the quantity demanded regardless of changes in price.

The demand for flat-screen is elastic. This is because when the price of the television was decreased, demand increased significantly

The demand for bread is inelastic. This is because the fall in quantity demanded was less than than the decrease in the price of bread

The demand for drug is perfectly inelastic. This is because there is no change in the quantity demanded when the price of the drugs was increased.

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