Economics · Microeconomics - Elasticity of Demand
Consider two downward sloping linear demand curves AB and AC intersecting at the same point on the vertical price axis, where AC is flatter than AB. At any given price, what is the relation between the price elasticity of demand on AC (p') and AB (p)?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Price elasticity of demand at p and p' are equal
- 2Price elasticity of demand at p' is greater than that at p✓
- 3Price elasticity of demand at p is greater than that at p'
- 4Elasticity cannot be determined from the geometry of curves
Correct answer
Price elasticity of demand at p' is greater than that at p
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