Draw the demand and supply curves for the following types of elasticity: elastic, inelastic, perfectly elastic, perfectly inelastic, and unit elastic. Show the coefficients of price elasticity (ED) for each type of curve.

a) Elastic: ED = [insert value]; Inelastic: ED = [insert value]; Perfectly elastic: ED = [insert value]; Perfectly inelastic: ED = [insert value]; Unit elastic: ED = [insert value]

b) Elastic: ED = [insert value]; Inelastic: ED = [insert value]; Perfectly elastic: ED = [insert value]; Perfectly inelastic: ED = [insert value]; Unit elastic: ED = [insert value]

c) Elastic: ED = [insert value]; Inelastic: ED = [insert value]; Perfectly elastic: ED = [insert value]; Perfectly inelastic: ED = [insert value]; Unit elastic: ED = [insert value]

d) Elastic: ED = [insert value]; Inelastic: ED = [insert value]; Perfectly elastic: ED = [insert value]; Perfectly inelastic: ED = [insert value]; Unit elastic: ED = [insert value]

Elasticity in economics measures how quantity demanded or supplied changes with price. Elasticity types include elastic (ED > 1), inelastic (ED < 1), perfectly elastic (ED = infinity), perfectly inelastic (ED = 0), and unit elastic (ED = 1). These values represent the degree of responsiveness in demand or supply curves.

Explanation:

The concept of elasticity in economics is fundamental to understanding how the quantity demanded or supplied reacts to changes in price. Price elasticity of demand (ED) and price elasticity of supply measure the responsiveness of consumers and producers, respectively.

Elastic demand or supply curves indicate a high responsiveness to price changes, characterized by a coefficient greater than one (ED > 1). Inelastic curves are those with a low responsiveness to price changes, represented by a coefficient less than one (ED < 1). The special case of perfectly elastic demand or supply corresponds to an infinite coefficient (ED is infinity) and is represented graphically by a horizontal line. On the other hand, perfectly inelastic demand or supply has a coefficient of zero (ED = 0), depicted as a vertical line. Lastly, unit elastic demand or supply has a proportional responsiveness, with a coefficient exactly equal to one (ED = 1).

The specific values are as follows:

Elastic: ED > 1
Inelastic: ED < 1
Perfectly elastic: ED = infinity
Perfectly inelastic: ED = 0
Unit elastic: ED = 1