Thus the mid-range, which is an unbiased and sufficient estimator of the population mean, is in fact the UMVU: using the sample mean just adds noise based on the uninformative distribution of points within this range. Conversely, for the normal distribution, the sample mean is the UMVU estimator of the mean.
This flatter curve means that the good or service in question is elastic. Meanwhile, inelastic demand is represented with a much more upright curve as quantity changes little with a large movement in price. Elasticity of supply works similarly.
The most important factor which influence the demand is price. A decrease in the price of a normal good leads to rise in demand of a product. Similarly, an increase in the price will reduce the demand for a commodity. The relation between price and demand is inverse relationship.