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What is the relationship between the slope of a curve and its elasticity?
Don't quite understand it... Please help!!! Thanks in advance...
1 Answer
- holdonLv 41 decade agoFavorite 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.