Ch5 Price elasticity of demand and supply

Q2−Q1 P1 + P2 ¿
Ed ∨E s= × ∨¿ % △ Q∨ ¿
Q2 +Q1 P2−P1 ¿ % △ P∨¿ ¿

Perfectly inelastic demand (Ed = 0) Perfectly inelastic supply (Es = 0)

%△Qd = 0 %△Qs = 0
Inelastic demand (Ed < 1) Inelastic supply (Es < 1)
%△Qd < %△P %△Qs < %△P
Unitarily elastic demand (Ed = 1) Unitarily elastic supply (Es = 1)
%△Qd = %△P %△Qs = %△P
Elastic demand (1 < Ed < ∞) Elastic supply (1 < Es < ∞)
%△Qd > %△P %△Qs > %△P
Perfectly elastic demand (Ed = ∞) Perfectly elastic supply (Es = ∞)

Elasticity of demand
Types Values When P↑ When P↓
%↓Q > %↑P %↑Q > %↓P
Elastic 1 < Ed < ∞
TR/TE↓  TR/TE↑
%↓Q < %↑P %↑Q < %↓P
Inelastic Ed < 1
TR/TE↑ TR/TE↓
%↓Q = %↑P %↑Q = %↓P
Unitarily elastic Ed = 1
TR/TE unchanged TR/TE unchanged

Elasticity of supply
Value D↑ D↓
Es > 1 P↑(unchanged in ∞) P↓(unchanged in ∞)
Es = 1 Q↑(unchanged in 0) Q↓(unchanged in 0)
Es < 1 TR↑ TR↓
Es = 0
Es = ∞