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Maggz
Lv 4
Maggz asked in Social ScienceEconomics · 1 decade ago

What is the relationship between the slope of a curve and its elasticity?

Don't quite understand it... Please help!!! Thanks in advance...

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  • holdon
    Lv 4
    1 decade ago
    Favorite Answer

    Its pretty easy.

    If demand is steep i.e. " \ " - that is a pretty steep demand curve.

    That would show a price increase from $3 to $10 does not change the quantity demanded that much - demand would be inelastic

    A flatter demand curve would be elastic - the same increase from, 3 to 10 would dramitically decrease the quantity demanded.

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