Final answer:
Slope and elasticity are different concepts; slope is the rate of change in units on a curve, while elasticity measures the percentage change in one variable in response to a percentage change in another variable.
Step-by-step explanation:
When addressing the question of whether slope and elasticity are the same, it's important to clarify that they are not. The slope refers to the rate of change in units along the supply or demand curve and is calculated as the rise over the run (change in y over the change in x). On the other hand, elasticity measures how a percentage change in one variable (like price) causes a percentage change in another variable (like quantity demanded or supplied) and uses percentage changes in its calculation.
Therefore, looking at the options given:
- (a) Slope uses changes in price and quantity.True.
- (b) Slope is the inverse of elasticity. False.
- (c) Elasticity is the inverse of slope. False.
- (d) A relationship exists between slope and elasticity, but they are not the same thing. True.
- (e) The elasticity calculation uses percentage changes in price and quantity. True.