Ans) Price elasticity of demand is the responsiveness of demand with change in price

Slope = rise / run or y-axis/x-axis

If e=1, demand is unit elastic

If e <1 , demand is inelastic

If e>1, demand is elastic

4) Steeper slope = more inelastic or less elastic

Flatter slope = more elastic.

a) Between A and E, curve OO is inelastic. Because any change in price is not affecting quantity. False.

b) True. As slope of AD is Steeper than slope of AC.

3) True. Between points A and D curve NN is elastic.

## Remember that for any demand curve, upper half of the slope is elastic, at mid point it is unit elastic and lower half is inelastic.

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