1. Interpreting Price Elasticity of Demand Unit 3.47

2. Interpreting the Price Elasticity of Demand How Elastic is Elastic? – Extreme conditions of elasticity Perfect Elasticity Perfect Inelasticity – Unit Elasticity

3. Figure 47.1 Two Extreme Cases of Price Elasticity of Demand Ray and Anderson: Krugman’s Economics for AP, First Edition Copyright © 2011 by Worth Publishers

4. Figure 47.2 (a) Unit-Elastic Demand, Inelastic Demand, and Elastic Demand Ray and Anderson: Krugman’s Economics for AP, First Edition Copyright © 2011 by Worth Publishers

5. Figure 47.2 (b) Unit-Elastic Demand, Inelastic Demand, and Elastic Demand Ray and Anderson: Krugman’s Economics for AP, First Edition Copyright © 2011 by Worth Publishers

6. Figure 47.2 (c) Unit-Elastic Demand, Inelastic Demand, and Elastic Demand Ray and Anderson: Krugman’s Economics for AP, First Edition Copyright © 2011 by Worth Publishers

7. Figure 47.3 Total Revenue Ray and Anderson: Krugman’s Economics for AP, First Edition Copyright © 2011 by Worth Publishers

8. Price Elasticity Along the Demand Curve

9. What Factors Determine Price Elasticity of Demand Substitutes Necessity or Luxury Share of Income Time