
XED quiz

Quiz
•
Other
•
10th Grade - University
•
Medium

Michael Smith
Used 12+ times
FREE Resource
13 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Which of the following best describes what cross elasticity of demand measures?
The responsiveness of demand for a good after a change in the price of another good
How aware producers are of a change in price
How responsive buyers are to a change in the price of a good
The change in demand for a good after a change in income
2.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
What is the formula for calculating Cross Elasticity of Demand (XED)?
% change in quantity demanded of good X / % change in price of good Y
% change in price / % change in quantity demanded
% change in quantity demanded / % change in price
% change in quantity demanded / % change in income
3.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
The price of Pepsi increases from 50p to 60p per can at a supermarket, causing demand for Coca Cola to rise from 1m to 2m cans per year. Calculate the XED:
2
3
4
5
4.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
The price of cinema tickets increases from £5.00 to £7.50, and the demand for popcorn decreases from 1,000 tubs to 700. Calculate the XED:
-0.4
-0.5
-0.6
-0.7
5.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
An increase in the price of tea by 10% sees the quantity demanded for coffee increase by 2%. Calculate the XED:
0.1
0.2
1
2
6.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
The price of peanut butter increases from £3 to £3.50 per jar, causing the quantity of jam demanded to fall from 30 jars to 24 jars. Calculate the XED:
-1
-1.2
-1.4
-1.6
7.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
A butcher sells pork and lamb only. When the price of pork rises by 15% the demand for lamb increases by 10%. Calculate the XED:
0.27
0.47
0.67
0.87
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