Question

Can we know correctly the price elasticity of demand from merely knowing the slope of the

demand curve? Discuss​

Answer 1

Answer:

Hi mate,

Explanation:

A demand curve plots the quantity demanded for a good against the price of the good. According to the law of demand, the demand curve is downward sloping. The slope of a demand curve is closely related to the price elasticity of demand.The demand curve is shallow, which means the elasticity of the demand for memberships is inelastic.The price elasticity of demand is calculated as the percentage change in quantity demanded (110 - 100 / 100 = 10%) divided by a percentage change in price ($2 - $1.50 / $2). The price elasticity of demand, in this case, is 0.4. Since the result is less than 1, it is inelastic.Feb 28, 2020A product is considered to be elastic if the quantity demand of the product changes drastically when its price increases or decreases. Conversely, a product is considered to be inelastic if the quantity demand of the product changes very little when its price fluctuates.Jul 1, 2020A product is considered to be elastic if the quantity demand of the product changes drastically when its price increases or decreases. Conversely, a product is considered to be inelastic if the quantity demand of the product changes very little when its price fluctuates.Jul 1, 2020.

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