Skip to content

Is a steeper slope more elastic?

Asked by: Svetozar Schmidgen

asked in category: General Last Updated: 5th February, 2020

Is a steeper slope more elastic?

Elasticity affects the slope of a product’s demand curve. A greater slope means a steeper demand curve and a less-elastic product. Clearly, the flatter demand curve shows a much greater quantity demanded response to a price change. Therefore, it is more elastic.

In respect to this, is a steeper demand curve more elastic?

In fact, it will be any curve that is steeper than the unit elastic curve, which is diagonal. The more inelastic the demand, the steeper the curve. If it’s perfectly inelastic, then it will be a vertical line. The demand curve shows how the quantity changes in response to price.

Subsequently, question is, which curve is more elastic? Elasticity refers to the degree of responsiveness in supply or demand in relation to changes in price. If a curve is more elastic, then small changes in price will cause large changes in quantity consumed. If a curve is less elastic, then it will take large changes in price to effect a change in quantity consumed.

Hereof, what is flatter and steeper?

A higher positive slope means a steeper upward tilt to the line, while a smaller positive slope means a flatter upward tilt to the line. A negative slope that is larger in absolute value (that is, more negative) means a steeper downward tilt to the line. A vertical line has an infinite slope.

What is the relationship between slope and elasticity of demand?

The slope of the demand curve is negative and it is measured by dividing the change in price with the change in the quantity. The demand for a good changes with the change in its price and the responsiveness of that change is the price elasticity of demand.

38 Related Question Answers Found

What is perfectly inelastic?

Are luxury goods elastic?

Which demand curve is perfectly inelastic?

What is the slope of a perfectly elastic supply curve?

Is gasoline elastic or inelastic?

When demand is elastic a decrease in price will cause?

How do you know if price elasticity of demand is elastic or inelastic?

What is a steeper curve?

What is a steep hill?

What makes a slope steeper?

How is gradient calculated?

What does steepest mean in math?

How do you determine the slope of a line?

Leave a Reply

Your email address will not be published.