Elasticity in Economics Worksheet

Elasticity in Economics Worksheet

Professional Development

28 Qs

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Elasticity in Economics Worksheet

Elasticity in Economics Worksheet

Assessment

Quiz

Business

Professional Development

Practice Problem

Hard

Created by

Varuni Kaushal

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28 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the concept of elasticity in economics measure?

The speed at which products are produced

How quantity demanded or supplied responds to a change in price

The popularity of a product

The total revenue earned by a company

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If a 10% increase in the price of luxury clothing results in a 20% decrease in quantity demanded, the demand is:

Inelastic

Perfectly inelastic

Elastic

Unitary elastic

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A 10% increase in the price of petrol causes only a 3% drop in demand. This is an example of:

Elastic demand

Unitary elastic demand

Perfectly elastic demand

Inelastic demand

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If the percentage change in price equals the percentage change in quantity demanded, the demand is:

Inelastic

Elastic

Unitary elastic

Perfectly inelastic

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following products is most likely to have elastic demand?

Tap water

Cigarettes

Luxury holidays

Insulin

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of these is an example of unitary elastic demand?

Designer clothes

Standard mobile data plans

Petrol

Insulin

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which product is most likely to have inelastic demand?

Store-brand cereal

Movie tickets

Cigarettes

Designer handbags

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