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Using the theory of demand, explain the shape and degree of stability of the demand curve...

Using the theory of demand, explain the shape and degree of stability of the demand curve for food.

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The theory of demand tells us the relationship between price and quantity demanded of any good whereas the degree of stability is determined by the elasticity of demand. Food is an essential good as people cannot live without food and they will continue to demand the minimum amount of food that is required for their survival at any price. So, the price elasticity of food is inlastic which means that the demand curve will be downward sloping because of the 'Law of Demand' which states that there is a negative relationship between price and quantity demanded and the slope of the demand curve would be steep because the price elasticity of demand for food is inelastic.

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