Why do economists use the concept of elasticity in addition to measurement of the slope of the demand curve?
A) Mathematical equations are favored over graphical analysis.
B) Elasticities are independent of the units of measure.
C) The concept of elasticity can be used in other areas of economics, whereas the slope of the demand curve is only useful in demand analysis.
D) These terms are interchangeable, but elasticity has the more professional sound.

Question

Quizplus · Accepted Answer

Elasticities are independent of the units of measure, making them a more versatile tool for comparing responsiveness across different goods and markets.

Why Do Economists Use the Concept of Elasticity in Addition