Question

demand curve for prestige goods slopes​

Answer 1

In the case of prestige products, an increase in price may actually result in an increase in the quantity demanded because consumers see the products as more valuable. In such cases, the demand curve slopes upward. If the price decreases, consumers perceive the product to be less desirable and demand may decrease.

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Answer 2

The slope of a demand curve, for example, is the ratio of the change in price to the change in quantity between two points on the curve. The price elasticity of demand is the ratio of the percentage change in quantity to the percentage change in price.

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