(b) (i) Consider Figure 2, where DD' represents the rectangular hyperbola demand curve
for a good. Find the price elasticity of demand for this good at point A and point
B.
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The demand curve is a rectangular hyperbola elasticity co-efficient value is one.
Explanation:
- When the percentage change in the quantity demanded is equal to the percentage change in the price, then the demand for the commodity is said to be unitary elastic.
- It is also equal to one and the demand curve is also called a rectangular hyperbola.
- Hence, its co efficient value is one.
- Rectangular hyperbola is a curve under which all rectangular areas are equal.
- The rectangular hyperbola is the hyperbola for which the axes or asymptotes are perpendicular or with eccentricity.
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1.(b) (i) Consider Figure 2, where DD' represents the rectangular hyperbola demand curve for a good. Find the price elasticity of demand for this good at point A and point B.
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