Elasticity differs from the slope as a measure of responsiveness to changes in prices because: elasticity...
Elasticity differs from the slope as a measure of responsiveness to changes in prices because:
elasticity changes depending on the currency prices are measured in, but this does not affect the slope.
percentage changes do not depend on the units of measurement, whereas the slope does.
elasticity is only useful for describing demand, but the slope is useful for describing demand and supply.
the slope is always negative, while elasticity is not.
Homework Answers
Answer
Option 2
percentage changes do not depend on the units of measurement, whereas the slope does
The elasticity of demand =%change in quantity/%change in price
Slope =change in price /change in quantity
the elasticities take %change in or a relative change (other formulas of elasticity) but the slope take absolute te change so the unit of measurement does no effect on the elasticity but it is on the slope.
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