Explain the infinitely elastic demand
Explain the infinitely elastic demand.
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Perfectly elastic demand also called infinitely elastic:
While a small change in price leads to infinite change in quantity demanded, this is termed as perfectly elastic demand. But the demand curve is a horizontal straight line as specified below. Where ep= ∞ (infinity)
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The demand for labor is less elastic when: (w) resource substitution is easy. (x) output demand is relatively inelastic. (y) wages are a huge percentage of total cost. (z) firms have more time to adjust to wage changes. Discover Q & A Leading Solution Library Avail More Than 1424364 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads No hassle, Instant Access Start Discovering 18,76,764 1928905 Asked 3,689 Active Tutors 1424364 Questions Answered Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Submit Assignment
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