On the basis of elasticity as a ratio, i.e. a ratio of change in quantity demanded to a change in the price of a commodity,
we can distinguish between five types of elasticity as follows:
(i) Perfectly Elastic Demand : Demand for a commodity is said to be perfectly elastic when the demand for it may increase or decrease to any extent irrespective of any change or infinite change in its price.
(ii) More than Unit Elastic Demand : Demand for a commodity will be said to be elastic if a change in price results in a significant change in demand for this commodity.
