What can you conclude about the relationship between the slope of the demand curve above and its elasticity? The demand curve above has a constant slope of , but elasticity as we move down the curve. Explain in a nontechnical way why demand is elastic in the upper-left segment of the demand curve and inelastic in the lower-right segment.

The demand curve above has a constant slope of -1, but elasticity decreases as we move down the curve.

The demand is elastic in the upper-left segment of the demand curve and inelastic in the lower-right segment because,

-When the initial price is high and the initial quantity is low, the percentage change in quantity exceeds the percentage change in price, making demand elastic.

-When the initial price is low and the initial quantity is high, the percentage change in quantity is less than the percentage change in price, making demand inelastic.

Explanation:

The slope is defined as the division of change in the variable on the y-axis to the change in the variable on the x-axis. The slope of the demand curve is equal to the change in price divided by the change in quantity.

The demand elasticity is set same as the slope of the demand curve. The demand is elastic in the upper-left segment of the demand curve, when the initial price is high and the initial quantity is low. The demand is made elastic, when the percentage change in the quantity is observed higher than the change in percentage in the price.

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