Data Types Quiz

In which year was the elasticity of demand covered according to the document?

• Year 10

• Year 11

• Year 12

• Year 13

Which product is likely to have a high price elasticity?

• Water

• Basic food

• Sports cars

• Petrol

Which of the following products is most likely to have few substitutes?

• Sports cars

• Luxury goods

• Basic food

• Electronics

What is the formula for calculating the percentage change in quantity demanded?

• % Change in quantity demanded / % Change in price

• % Change in price / % Change in quantity demanded

• % Change in quantity supplied / % Change in price

• % Change in price / % Change in quantity supplied

If the PED is less than 1, what type of demand is it?

• Inelastic demand

• Elastic demand

• Unitary demand

• Perfectly elastic demand

What was the original price of the chairs before Kerr LTD increased it?

• £40

• £45

• £50

• £35

In the context of PED, what does a result less than 1 indicate?

• Price Elastic

• Price Inelastic

• Unitary Elastic

• Perfectly Elastic

What is the formula for calculating the Income Elasticity of Demand (YED)?

• % Change in price / % Change in income

• % Change in quantity demanded / % Change in income

• % Change in income / % Change in quantity demanded

• % Change in supply / % Change in income

If the income changes from £400 to £440, what is the percentage change in income?

• 5%

• 10%

• 15%

• 20%

What is the percentage increase in average customer income for Kerr Ltd?

• 2.86%

• 3.00%

• 2.50%

• 3.50%