What is the difference between an elasticity and slope

Reference no: EM131403930

1. In what direction will price and quantity move as a result of a supply shift?

2. Why is the direction of change of either price or quantity unknown when both supply and demand shift?

3. What happens to equilibrium price when demand and supply shift in the same direction? What happens to equilibrium quantity in the same situation?

4. What is the difference between an elasticity and slope?

Reference no: EM131403930

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