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Do elasticity and slope mean the same thing? Explain

Do elasticity and slope mean the same thing? Explain

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Answer : Elasticity and Slope are related but not a same thing .

Elasticity means percentage change in quantity demanded with respect to percentage change in price. Slope shows an absolute change. Slope of the demand curve represents change in price divided by change in quantity where as Elasticity means responsiveness of change in quantity demand with respect to its price,income.

Basically Slope measures the steepness of the curve where as Elasticity measures the change in quantity with respect to change in price at particular point of time.

Elasticity = (1/Slope)× (P/Q)

Therefore this shows that elasticity and Slope are not same thing.

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