XED quiz

XED quiz

10th Grade - University

13 Qs

quiz-placeholder

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XED quiz

XED quiz

Assessment

Quiz

Other

10th Grade - University

Medium

Created by

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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