Apart from developing codes, I also spend some time in quality writing.
D. Peter, Software Developer, B.E (Bachelor of Engineering), Mexico
Answered Mar 02, 2020
Slope and elasticity are two different concepts, and they should not be confused with each other. Elasticity will measure the change with the number of goods that are sold depending on the prices that have been set for the goods. Slope, on the other hand, is used to measure how steep or flat a line is depending on the price and the quantity that has been set. It is important to take note of the two because this will determine the demand of people for the available items. When the demand curve shows that it is leaning towards the right, this shows that there is a need for more elasticity.