
Understanding Elasticity Concepts
Quiz
•
Others
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12th Grade
•
Practice Problem
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Hard
Dereje Abebe
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the definition of elasticity in economics?
Elasticity is the responsiveness of quantity demanded or supplied to changes in price or other factors.
Elasticity measures the total revenue of a firm.
Elasticity refers to the total market demand for a product.
Elasticity is the fixed cost of production.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Explain the difference between price elasticity of demand and price elasticity of supply.
Price elasticity of demand focuses on consumer behavior in response to price changes, while price elasticity of supply focuses on producer behavior in response to price changes.
Price elasticity of supply is only relevant for luxury goods.
Price elasticity of demand and supply are always equal in value.
Price elasticity of demand measures the total revenue of a product.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What factors affect the price elasticity of demand?
Brand loyalty
Advertising strategies
Weather conditions
Factors affecting price elasticity of demand include availability of substitutes, necessity vs luxury, proportion of income spent, time period, and consumer preferences.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How is the price elasticity of demand calculated?
Price elasticity of demand = (% Change in Quantity Demanded) / (% Change in Price)
Price elasticity of demand = (Change in Price) / (Change in Quantity Demanded)
Price elasticity of demand = (Total Revenue) / (Quantity Sold)
Price elasticity of demand = (Average Price) / (Average Quantity)
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does it mean if a product has an elasticity greater than 1?
The product is inelastic, meaning demand is not sensitive to price changes.
The product has a fixed price regardless of demand fluctuations.
The product is elastic, meaning demand is sensitive to price changes.
The product's demand decreases as the price decreases.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the significance of cross-price elasticity of demand?
It indicates the price elasticity of a single product.
It shows how demand changes with consumer income.
It indicates the relationship between two goods, showing whether they are substitutes or complements.
It measures the total demand for a single good.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Define income elasticity of demand and its implications.
Income elasticity of demand measures the price sensitivity of consumers.
Income elasticity of demand is a measure of how the quantity demanded of a good changes in response to a change in income, with implications for classifying goods as normal or inferior, and as luxuries or necessities.
Income elasticity of demand is irrelevant for luxury goods.
Income elasticity of demand only applies to inferior goods.
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