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Constant Elasticity Demand Curves. The elasticity of demand is the same at every point along a constant elasticity demand curve. Panel a of the figure shows five constant elasticity demand curves. A perfectly inelastic demand curve, where e = 0 everywhere, is a vertical straight line. The next most vertical demand curve in the figure is also inelastic, with a demand elasticity of -1/3 everywhere.
The, greater the responsiveness of quantity supplied of a commodity to the change in its price, the greater is its elasticity of supply. To be more precise, the elasticity of supply is defined as a percentage change in the quantity supplied of a product divided by the percentage change in price.Kinds of Elasticity of Supply: There are five types of elasticity of supply which are given below. (I) perfectly elastic supply:It is a case where a very slight change in price causes an Infinite change in supply. A slight fall in prices brings quantity supplied to zero.inds of Elasticity of Supply: There are five types of elasticity of supply which are given below. (I) perfectly elastic supply: It is a case where a very slight change in price causes an Infinite change in supply. A slight fall in prices brings quantity supplied to zero.