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When the demand curve is horizontal to the x axis, it is said to be elastic and therefore more responsive to changes in price. When the demand curve is vertical, it is more inelastic and consumers will be more apt to purchase a good regardless of the price.
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Explain the difference between elasticity of demand and the slope of a demand curve?
The demand curve is drawn with price on the vertical axis and quantity demanded on the horizontal axis. Mathematically, the slope of a curve is represented by rise over run, or the change in the variable on the vertical axis divided by the change in the variable on the horizontal axis. Therefore, the slope of the demand curve represents change in price divided by change in quantity. Elasticity, on the other hand, aims to quantify the responsiveness of demand and supply to changes in price, income, or other determinants of demand.
What are the different types of demand in economics?
what is demand curve is a graphic representation of the relationship between product price and the quantity of the product demanded. It is drawn with price on the vertical axis of the graph and quantity demanded on the horizontal axis
Why demand curve downward slopping?
The demand curve is plotted with quantity on the horizontal axis and price on the vertical. As the price of a good increases, people will want/be able to purchase less of it. If the price decreases, the quantity people will buy more.
Why demand curve slops downward from left to right?
The demand / supply graph is designed to have supply on the vertical axis (Y) and demand on the horizontal (X). Thus you will have a higher supply = lower demand, or lower supply = high demand.
Distinguish between demand curve and engel curve?
The difference is the Y- axis. In the case of the Demand curve the Y - axis is the retail price of the good. On the Engel's curve the Y -axis is the amount of income over a set period of time.
Explain the difference between elasticity of demand and the slope of a demand curve?
The demand curve is drawn with price on the vertical axis and quantity demanded on the horizontal axis. Mathematically, the slope of a curve is represented by rise over run, or the change in the variable on the vertical axis divided by the change in the variable on the horizontal axis. Therefore, the slope of the demand curve represents change in price divided by change in quantity. Elasticity, on the other hand, aims to quantify the responsiveness of demand and supply to changes in price, income, or other determinants of demand.
What are the different types of demand in economics?
what is demand curve is a graphic representation of the relationship between product price and the quantity of the product demanded. It is drawn with price on the vertical axis of the graph and quantity demanded on the horizontal axis
Why demand curve downward slopping?
The demand curve is plotted with quantity on the horizontal axis and price on the vertical. As the price of a good increases, people will want/be able to purchase less of it. If the price decreases, the quantity people will buy more.
Why demand curve slops downward from left to right?
The demand / supply graph is designed to have supply on the vertical axis (Y) and demand on the horizontal (X). Thus you will have a higher supply = lower demand, or lower supply = high demand.
Distinguish between demand curve and engel curve?
The difference is the Y- axis. In the case of the Demand curve the Y - axis is the retail price of the good. On the Engel's curve the Y -axis is the amount of income over a set period of time.
Whats the difference between vertical and horizontal writing?
vertical is top to bottom(parallel to Y axis). horizontal is left to right(parallel to X axis).
Why The horizontal axis of a demand curve displays?
elasticity
What are the differences between the Income Consumption Curve and the Engel's Curve?
Both curves plot the relationship between X, in this case a good, and something when income varies. However there's different variables on the vertical axis. The ICC has a composite good on the vertical axis while the Engel curve has income on the vertical axis.
The slope of a line parallel to the vertical axis is?
Infinite.
If A line is parallel to the vertical axis The slope of the line is?
Undefined
Why does the demand curve have negative slope?
because quantity is on x axis and price is on y axis and as the price increase the demand decrease
What is a perfectly inelastic supply curve?
A perfectly inelastic supply relation would be defined as one where the quantity produced remains static under any price change. If we'd plot this curve in the familiar demand-supply framework with price being on the y-axis and quantity on the x-axis, the curve would be vertical.
