Answer to Question #129765 in Microeconomics for Amit Yadav

Question

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

Answer 1

A demand curve plots the quantity demanded for a good (x-axis) against the price of the good (y-axis), with reference from the law of Demand, the demand curve slopes downward hence we can know the price elasticity of demand from the Slope of the demand curve since they are related.