Is the demand curve shallow or steep What does this mean about the elasticity of the demand for memberships?
Keeping this in view, is the demand curve shallow or steep What does this mean about the elasticity?
What does this mean about the elasticity of the demand for memberships? (5 points) The demand curve is shallow, meaning that the elasticity of the demand for memberships is elastic because of the significant changes in price.
Subsequently, question is, what does a steep demand curve mean? Elasticity affects the slope of a product's demand curve. A greater slope means a steeper demand curve and a less-elastic product. Clearly, the flatter demand curve shows a much greater quantity demanded response to a price change.
Likewise, people ask, is the demand curve shallow or steep?
If a demand curve is perfectly vertical (up and down) then we say it is perfectly inelastic. If the curve is not steep, but instead is shallow, then the good is said to be “elastic” or “highly elastic.” This means that a small change in the price of the good will have a large change in the quantity demanded.
Where on the demand curve is it elastic and inelastic?
An elastic demand curve means that a change in price has a large effect on buying, while an inelastic demand curve means that a price change has less effect on buying.