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2.5 Elasticity of Demand

2.5 Elasticity of Demand

Assessment

Presentation

Social Studies

11th Grade

Practice Problem

Medium

Created by

Yannick Yu

Used 2+ times

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0 Slides • 7 Questions

1

Multiple Choice

True or false: price elasticity of demand is always a negative number.

1

True

2

False

2

Multiple Choice

In the formula for PED, the numerator is the...

1

Difference in Qd

2

Difference in P

3

% change in Qd

4

% change in P

3

Multiple Select

Question image

In the following situation, we know that... (check all that apply)

1

Demand is inelastic

2

Demand is elastic

3

PED > 1

4

PED < 1

4

Multiple Select

A perfectly inelastic demand means that... (check all that apply)

1

PED = 0

2

PED = infinity

3

Quantity demanded stays the same when price increases

4

Quantity demanded drops to 0 when price increases

5

Fill in the Blank

Price ... demand means that a change in price leads to a proportionally greater change in quantity demanded.

6

Multiple Select

Watches will likely have a higher price elasticity of demand than rice because... (check all that apply)

1

Watches are more necessary in our daily lives.

2

Watches take up a smaller proportion of income than rice

3

There are more substitutes for watches than for rice

4

Rice takes up a smaller proportion of income than watches

7

Multiple Choice

The price of Good X increases from $9 to $10. The quantity demanded remains the same at 8 units. The PED in this case is...

1

Unitary elastic

2

Price elastic

3

Perfectly elastic

4

Perfectly inelastic

True or false: price elasticity of demand is always a negative number.

1

True

2

False

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MULTIPLE CHOICE