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ELASTICITY AND DEMAND SLOPE: The slope of a straight-line demand curve, one with a constant slope, has constantly change elasticity. No two points on a straight-line demand curve as the same elasticity. The point of intersection between the demand curve and the vertical, price axis is perfectly elastic (E = ∞). The intersection point between the demand curve and the horizontal, quantity axis is perfectly inelastic (E = 0). The exact middle, or midpoint, of the demand curve is unit elastic (E = 1). The segment between the midpoint and the price-axis intercept is relatively elastic (1 < E < ∞). The segment between the midpoint and the quantitY-axis intercept is relatively inelastic (0 < E < 1).
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SECOND ESTATE Another term for the business sector. This is one of four divisions of society based on economic function. The other three are government as the first estate, consumers as the third estate, and journalists as the fourth estate.
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The portrait on the quarter is a more accurate likeness of George Washington than that on the dollar bill.
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"If you worried about falling off the bike, you'd never get on. " -- Lance Armstrong, bicycle racer
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JET
Journal of Economic Theory
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