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Take a look at circuit diagram for a high-pass filter and you will see that it involves a capacitor inline with the input and a resistor in parallel to a speaker. Since the current alternates rapidly the capacitor sees changes in the potential difference. Capacitors have a charge/discharge rate and are therefore subject to the rate-of-change of the applied signal. The values of the resistor and capacitor determine where the cutoff is. That's a first order filter, and puts the output 90* out of phase of the input. (that's a slope as well)
In terms of software, the steeper the slope, the more calculations, the more processor taken up.
Waves has a low cut filter that is pretty steep.
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