Intuition: Can someone explain me this contradiction please? (This is about price elasticity of demand) Both figures are demand curves. In figure 1, the curve includes both high elasticity (|E|>1) and low elasticity (|E|&lt;1) but in figure 2, the curve is either high elasticity or low elasticity. How should I explain this contradiction?
Figure 2 is a bit misleading. Both demand curves have an elastic and an inelastic region, just like the one in Figure 1. The meaning of "High elasticity " and "Low elasticity" in Figure 2 is that the steeper line has a much lower magnitude of elasticity than the flater line at the same quantity level.