Draw a graph to show a condition of Unitarily Elastic in Demand. Explain what actually happens to create such curves and give ONE example of product under this category

For which goods or services will the demand be relatively more or relatively less elastic?  Explain your answers clearly.     Tap water   Heinz (a specific soup brand) Soup     Gasoline   Gasoline sold by a Shell station

If a fixed quantity of a good is available, and no more can be made, what is the price elasticity of supply?

In each of the following cases, do you think the price elasticity of supply is (i) perfectly elastic; (ii) perfectly inelastic; (iii) elastic, but not perfectly elastic; or (iv) inelastic, but not perfectly inelastic? a. An increase in demand this summer for luxury cruises leads to a huge jump in the sales price of a cabin on the Queen Mary 2. b. The price of a kilowatt of electricity is the same during periods of high electricity demand as during periods of low electricity demand. c. Fewer people want to fly during February than during any other month. The airlines cancel about 10% of their flights as ticket prices fall about 20% during this month.