Question
Which among the following statement is
INCORRECT?Solution
The coefficient of elasticity of demand measures the responsiveness of quantity demanded to a change in price, calculated as the percentage change in quantity divided by the percentage change in price ((dq/dp). At the intersection point, elasticity differs because elasticity depends on slope and price-quantity ratio, which differ for different curves. The formula for point elasticity is    EP = 
At the point of intersection, the price (p) and quantity (q) are identical for both curves. However, since the curves intersect, they must have different slopes. The flatter curve has a higher responsiveness, making it more elastic than the steeper curve at that specific point.
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