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What do you understand by the term ' slope of demand curve'?
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What do you understand by the term ' slope of demand curve'?
The demand curve basically reflects the inverse relationship between price and resultant demand of the commodity. When there is an increase in price, the commodity demanded decreases and visa-versa. This gives left to the right downward sloping demand curve.
However, the stiffness of the demand curve shows the elasticity of demand.
1. If the demand curve is more slanting, it indicates a more elastic demand i.e. a small increase in price can reduce demand drastically.
2. If the demand curve is more of a straight line, it indicates a less elastic demand i.e a huge change in price will minimally affect the demand.
3. If the demand curve is evenly spread, it indicates a unit elasticity meaning the change in price and the change in demand will have a more or less same effect.
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What do you understand by the term ' slope of demand curve'?
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What do you understand by the term ' slope of demand curve'? for Class 12 2024 is part of Class 12 preparation. The Question and answers have been prepared according to the Class 12 exam syllabus. Information about What do you understand by the term ' slope of demand curve'? covers all topics & solutions for Class 12 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for What do you understand by the term ' slope of demand curve'?.
What do you understand by the term ' slope of demand curve'? for Class 12 2024 is part of Class 12 preparation. The Question and answers have been prepared according to the Class 12 exam syllabus. Information about What do you understand by the term ' slope of demand curve'? covers all topics & solutions for Class 12 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for What do you understand by the term ' slope of demand curve'?.
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