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.
5. If the expected future price of the product rises (falls), the supply curve in the present period shifts leftward (rightward). A change in supply also affects the price and quantity of the product. 1. An increase in supply (a shift rightward of the supply curve) causes the price to fall and the quantity to increase. 2. A decrease in supply (a shift leftward in the supply curve) causes the price to rise and the quantity to decrease