Lesson - 2.8.1
The Values of PES Vary From 0 To Infinity (∞) & They Are Classified As Follows
Perfectly Inelastic
Value - 0
The QS is completely unresponsive to a change in P (e.g. fixed number of seats in a theatre)
Relatively Inelastic
Value : 0→1
The %∆ in QS is less than proportional to the %∆ in P (e.g agricultural products)
Relatively Elastic
Value - 1→ ∞
The %∆ in QS is more than proportional to the %∆ in P (e.g t-shirts)