【正文】 s copyright 169。 2021 by Harcourt, Inc. Inelastic Demand Elasticity is less than 1 Quantity Price 4 $5 1. A 22% increase in price... Demand 100 90 2. ...leads to a 11% decrease in quantity. Harcourt, Inc. items and derived items copyright 169。 2021 by Harcourt, Inc. Unit Elastic Demand Elasticity equals 1 Quantity Price 4 $5 1. A 22% increase in price... Demand 100 80 2. ...leads to a 22% decrease in quantity. Harcourt, Inc. items and derived items copyright 169。 2021 by Harcourt, Inc. Elastic Demand Elasticity is greater than 1 Quantity Price 4 $5 1. A 22% increase in price... Demand 100 50 2. ...leads to a 67% decrease in quantity. Harcourt, Inc. items and derived items copyright 169。 2021 by Harcourt, Inc. Perfectly Elastic Demand Elasticity equals infinity Quantity Price Demand $4 1. At any price above $4, quantity demanded is zero. 2. At exactly $4, consumers will buy any quantity. 3. At a price below $4, quantity demanded is infinite. Harcourt, Inc. items and derived items copyright 169。 2021 by Harcourt, Inc. $4 Demand Quantity P 0 Price P x Q = $400 (total revenue) 100 Q Elasticity and Total Revenue Harcourt, Inc. items and derived items copyright 169。 2021 by Harcourt, Inc. Elasticity and Total Revenue: Inelastic Demand $3 Quantity 0 Price 80 Revenue = $240 Demand $1 Demand Quantity 0 Revenue = $100 100 Price An increase in price from $1 to $3... …leads to an increase in total revenue from$100 to $240 Harcourt, Inc. items and derived items copyright 169。 2021 by Harcourt, Inc. Elasticity and Total Revenue: Elastic Demand Demand Quantity 0 Price $4 50 Demand Quantity 0 Price Revenue = $100 $5 20 Revenue = $200 An increase in price from $4 to $5... …leads to a decrease in total revenue from$200 to $100 Harcourt, Inc. items and derived items copyright 169。 2021 by Harcourt, Inc. Perfectly Inelastic Supply Elasticity equals 0 Quantity Price 4 $5 Supply 100 2. ...leaves the quantity supplied unchanged. 1. An increase in price... Harcourt, Inc. items and derived items copyright 169。 2021 by Harcourt, Inc. Inelastic Supply Elasticity is less than 1 Quantity Price 4 $5 1. A 22% increase in price... 110 100 Supply 2. ...leads to a 10% increase in quantity. Harcourt, Inc. items and derived items copyright 169。 2021 by Harcourt, Inc. Unit Elastic Supply Elasticity equals 1 Quantity Price 4 $5 1. A 22% increase in price... 125 100 Supply 2. ...leads to a 22% increase in quantity. Harcourt, Inc. items and derived items copyright 169。 2021 by Harcourt, Inc. Elastic Supply Elasticity is greater than 1 Quantity Price 4 $5 1. A 22% increase in price... 200 100 Supply 2. ...leads to a 67% increase in quantity. Harcourt, Inc. items and derived items copyright 169。 2021 by Harcourt, Inc. Perfectly Elastic Supply Elasticity equals infinity Quantity Price Supply $4 1. At any price above $4, quantity supplied is infinite. 2. At exactly $4, producers will supply any quantity. 3. At a price below $4, quantity supplied is zero. An Increase in Supply in the Market for Wheat $3 Quantity of Wheat 100 0 Price of Wheat Demand S1 Harcourt, Inc. items and derived items copyright 169。 2021 by Harcourt, Inc. An Increase in Supply in the Market for Wheat 3. ...and a proportionately smaller increase in quantity sold. As a result, revenue falls from $300 to $220. $3 Quantity of Wheat 100 0 Price of Wheat 1. When demand is inelastic, an increase in supply... Demand S1 S2 2 110 2. ...leads to a large fall in price... Harcourt, Inc. items and derived items copyright 169。 2021 by Harcourt, Inc.