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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

Why is the supply curve with constant unitary elasticity a straight line?

To determine

The reason for a constant unit elastic supply curve being a straight line.

Explanation

The constant unit elastic supply curve means the elasticity of supply is equal to 1, which means, the percentage change in price is equal to the percentage change in the quantity supplied. Also, we already know that as per the law of supply, there is a posi...

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