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What is the elasticity of vertical and horizontal demand line and why is it horizontal or vertical?
Wiki User
∙ 13y ago
Although I have never taken an economics class discussing the formal definition of demand elasticity, I can guess at the answers.
Elasticity is a measure of how much the quantity demanded of some product is swayed by changes in price. Economists traditionally place prices on the y-axis and quantity demanded on the x-axis. So if the demand curve is a vertical line, it means that no matter what the price is, customers will keep buying the same amount. This suggests that the elasticity is zero. The horizontal demand line is less meaningful because it shows one price at which customers may demand anything, while if the price is raised ever so slightly, we will fly off the demand curve altogether. Since tiny or even zero changes in price can cause large changes in demand, the elasticity is probably either infinite or undefined.
Wiki User
∙ 13y ago
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