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Inelastic
1 > x
Elastic
1 < x
perfectly elastic
x = 1
Perfectly elastic
x = 0
arc elasticity formula
(Q1 + Q2)/ ((Q1-Q2)/2) / (P1 + P2)/ ((P1-P2)/2)
normal elasticity formula
(Q1-Q2)/ Q1 / (P1-P2)/P1
What does arc elasticity measure
the responsiveness of demand to price changes over a range of values on a larger scale
What does elasticity measure
the responsiveness of one variable to changes in another variable on a smaller scale
Note 
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