Elasticity Test

Elasticity Test

11th Grade - University

15 Qs

quiz-placeholder

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Elasticity Test

Elasticity Test

Assessment

Quiz

Other, Social Studies

11th Grade - University

Practice Problem

Hard

Created by

Simon Murray

Used 18+ times

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15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An 20% increase in the price of a product leads to a 40% decrease in quantity demanded. What is the price elasticity of demand?

2

0.5

-2

1

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A person's income rises by 10%, their demand for Big Macs drops by 5%. Calculate Income elasticity of Demand.

0.5

-0.5

2

-2

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The price of Pepsi rises by 10%, the demand for Coke rises by 10% too.

Ped = 1

Ped = -1

Xed = 1

Xed = -1

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The price of a good is $10, with a quantity demanded of 100 units. The price drops to $8 and the quantity demanded rises to 150 units. What is the PED?

0.4

-0.4

2.5

-2.5

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Price elasticity of demand = -0.5

Inelastic demand

Elastic demand

Unitary demand

Perfectly Inelastic demand

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Income elasticity of demand = -0.4

Normal Good

Inferior Good

Complementary Good

Substitute Good

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Cross elasticity of demand = 0.4

Normal Good

Inferior Good

Complementary Good

Substitute Good

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