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.
Explain shifts in aggregate supply and their impact on the economy. The aggregate supply curve shows how much output is supplied by firms at different price levels. The short-run aggregate supply curve is affected by production costs including taxes, subsides, price of labor (wages), and the price of raw materials.