Elasticity GapFill

In the short run, demand elasticity will be   inelasticzeroelasticunitary and becomes more  perfectly elasticelasticunitaryinelastic in the long run. Necessities such as water, housing, etc. tend to have elasticity of demand that is  inelasticunitaryperfectly elasticelastic. In respect to price elasticity of demand (PED), the value of elasticity must always have a  lownegativepositivehigh sign because of the inverse relationship between price and quantity on the demand curve. Normal goods and inferior goods must have  lowhighnegativepositive and  highnegativepositiveelastic relationships respectively. Goods that are jointly demanded have  a crossa negativea positivean income price elasticity of demand that is  positiveperfectly elasticnegativeunitary. When a change in price yields the same proportionate change in quantity demand then its PED will be  unitaryperfectly elasticzeroelastic.