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 demand and supply curves are graphical representations of the law of demand and law of supply and demonstrate how quantity supplied and demanded change with changes in price. The following article provides an overview of supply and demand in general and explains the differences between demand and supply curves. Demand Curve Demand is defined as the desire to purchase goods and services backed by the ability and willingness to pay a price.