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Answer to Question #276712 in Microeconomics for cyah

Question #276712

The provided demand curve is a downward sloping demand curve but it is not known whether it is inelastic or elastic. Assume that the provided demand curve may have either degree of elasticity. Draw both types of demand curve (in separate diagrams) and compare the slope of the demand curves.



1
Expert's answer
2021-12-08T19:25:08-0500

Solution:

The demand curves are as below:



 

The slope of the demand curve for inelastic demand is steeper compared to that of elastic demand.


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