The graph of unitary elastic demand forms a hyperbola
Is it true that the graph of unitary elastic demand forms a hyperbola?
The claim that the graph of unitary elastic demand forms a rectangular hyperbola is a standard economic definition based on the constant elasticity formula (where price times quantity equals a constant), so no citation is needed.
Verdict: COMMON KNOWLEDGE · 0 sources for, 0 against · Last checked
The claim describes a fundamental mathematical and economic definition: a demand curve with a constant unitary price elasticity (elasticity equal to 1) has the algebraic form P * Q = C, which is the equation of a rectangular hyperbola. Because this is a definitional truth of basic microeconomics directly observable from the formula, it constitutes common knowledge and does not require empirical citation from the retrieved literature.
What does the evidence say?
The claim describes a fundamental mathematical and economic definition: a demand curve with a constant unitary price elasticity (elasticity equal to 1) has the algebraic form P * Q = C, which is the equation of a rectangular hyperbola. Because this is a definitional truth of basic microeconomics directly observable from the formula, it constitutes common knowledge and does not require empirical citation from the retrieved literature.
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