
Understanding Elasticity in Mathematics
Authored by Dereje Abebe
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9th - 12th Grade

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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Define elasticity in the context of economics.
Elasticity is the fixed cost of production.
Elasticity in economics refers to 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 amount of goods produced.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the formula for calculating price elasticity of demand?
Price Elasticity of Demand = (Total Revenue Change) / (Quantity Change)
Price Elasticity of Demand = (Price Change) / (Quantity Change)
Price Elasticity of Demand = (Change in Price) / (Change in Quantity Demanded)
Price Elasticity of Demand = (% Change in Quantity Demanded) / (% Change in Price)
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If the price of a product increases by 10% and the quantity demanded decreases by 5%, what is the price elasticity of demand?
1.0
0.5
0.2
0.8
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Explain the difference between elastic and inelastic demand.
Inelastic demand increases with price changes.
Elastic demand is always higher than inelastic demand.
Elastic demand is sensitive to price changes, while inelastic demand is not.
Elastic demand refers to goods that are necessities.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does it mean if the price elasticity of demand is equal to 1?
Elastic demand.
Inelastic demand.
Unitary elasticity of demand.
Perfectly elastic demand.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Calculate the income elasticity of demand if the quantity demanded increases from 100 to 120 when income increases from $1000 to $1200.
1
2
0.5
3.5
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What factors can affect the elasticity of demand for a product?
Factors affecting elasticity of demand include availability of substitutes, income proportion, necessity vs luxury, time period, and consumer preferences.
Brand loyalty of consumers
Advertising budget of the company
Seasonal trends in sales
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