PED Revision
Business, Special Education
Professional Development
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10 questions
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1.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
How do you calculate PED?
Percentage Change in Sales / Percentage Change in Demand
Percentage Change in Price / Percentage Change in Demand
Percentage Change in Demand / Percentage Change in Prize
Percentage Change in Demand / Percentage Change in Price
2.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
What does it mean if a product has a PED of -1.4?
Profit
Elastic
Inelastic
Loss
3.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
What does it mean a product has a PED of -0.7?
Profit
Elastic
Inelastic
Loss
4.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
What does PED stand for?
Price Elasticity of Density
Prize Elasticity of Demand
Product Elasticity of Demand
Price Elasticity of Demand
5.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
What would happen if we increase the price of an inelastic product?
Nothing.
The demand would decrease less than the price increase.
The price would go down more than the price increase.
The price would go up.
6.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
What would happen if we increase the price of an elastic product?
Nothing.
The demand would decrease less than the price increased.
The demand would decrease more than the price increased.
The demand would increase more than the price increased.
7.
MULTIPLE SELECT QUESTION
20 sec • 1 pt
What is an example of an inelastic product?
Car
Petrol
Phone
Water
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