It is not necessary to discuss the other theories of supply to understand perfectly elastic supply, but because the formula for price elasticity relates to all of them, it is somewhat necessary to mention them. But first, the formula for price elasticity: Elasticity = % Change In Quantity / % Change In Price.
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Price elasticity of demand (PED or Ed) is a measure used in economics to show the responsiveness, or elasticity, of the quantity demanded of a good or service to a change in its price, ceteris paribus. More precisely, it gives the percentage change in quantity demanded in response to a one percent change in price (ceteris paribus).
https://en.wikipedia.org/wiki/Price_elasticity_of_demand
Perfectly elastic supply can be difficult to understand because it is a technical impossibility. That’s right, a perfectly elastic supply refers to one in which the supply curve is perfectly horizontal, i.e. perfectly infinite. Needless to say, infinite supply is simply impossible.
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Now for our example, imagine we have a good that is at a perfectly elastic supply price of $50. We additionally have a demand curve that is linear with a slope of -0.20. We also know that none of the product will be demanded at a price of $200.
http://www.freeeconhelp.com/2014/07/perfectly-elastic-supply-example.html
Perfectly inelastic demand means that the quantity demanded doesn't change with a change in price.The demand for salt is one such example of perfectly inelastic demand. If the price of salt falls people would not start consuming more and more of it, since the body requires just certain amount of salt.
https://www.quora.com/What-are-some-real-life-examples-of-perfectly-inelastic-demand
Inelastic demand is when the quantity demanded rises by a lower percent than the price drops. For example, if the quantity rose 2 percent when the price fell 5 percent. That ratio is .02/.05 = .40, or less than one. Unit elastic demand is when the quantity demanded changes the same percent as the change in price.
https://www.thebalance.com/elastic-demand-definition-formula-curve-examples-3305836
One of the cliche real life example would be gasoline. When price of oil suddenly rises, gasoline prices rise as well. People won't stop consuming it overnight. In short run we won't even notice a marginal drop in consumption. So demand is 'almost' perfectly inelastic.
https://www.quora.com/What-are-some-real-life-examples-of-perfectly-inelastic-demand
Elastic demand is when price or other factors have a big effect on the quantity consumers want to buy. You'll see it most often when consumers respond to price changes. If the price goes down just a little, they'll buy a lot more.
https://www.thebalance.com/elastic-demand-definition-formula-curve-examples-3305836
For example, say the quantity demanded rose 10 percent when the price fell 5 percent. The ratio is 0.10/0.05 = 2.00. Perfectly elastic demand is when the quantity demanded skyrockets to infinity when the price drops any amount. That, of course, could not happen in real life.
https://www.thebalance.com/elastic-demand-definition-formula-curve-examples-3305836
7/10/14. Perfectly elastic supply, an example. Labels: elasticity, microeconomics, supply and demand, surplus. This post is going to go over the economics of perfectly elastic supply and how to find equilibrium price and quantity as well as consumer surplus when we are given a perfectly elastic supply curve.
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what is perfectly elastic demand? example
Perfectly elastic demand is one in which the supply curve is perfectly horizontal. For example, perfectly infinite. Perfectly elastic demand is one in which the supply curve is perfectly horizontal for example perfectly infinite.