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WorksheetsDEMAND, SUPPLY AND ELASTICITY
Total questions: 9
Worksheet time: 5mins
Which one relates with monetary cost?
waiting time
travel time
time and disctance
congestion charge
(a) is the sum of monetary and non monetary cost
Which one is correct about value of time
Changes according to time or period of travelling
Changes according to purpose and importance of trip
Changes according to travel distance
Changers according to mode of transport
Choose the correct statement that explain the elasticity concept
The more time a producer has to respond to price changes the more elastic the supply
A measure to show the effects on demand as a result of changes in any parameters/variables that may affect the supply side of transport
Measurement of the percentage change in one variable that results from a 1% change in another variable
Less than 1 is elastic, more than 1 is inelastic
Which one is not being categorized in elasticity of demand
time elasticity
cross elasticity
income elasticity
price elasticity
Name one method to calculate elasticity
(a)
A toll for one segment road is RM2.18. When the toll price up to RM2.59, the demand drops from 50000 vehicles per week to 35000 vehicles per week. Calculate the elasticity.
0.7
1.6
1
0.9
Price elasticity of demand = Percentage change in demand ÷ Percentage change in price. True or False?
TRUE
FALSE
Which one is not correct about market equilibrium?
Intersection point of supply and demand curves
A situation in a market when the price is such that the quantity demanded by consumers is correctly balanced by the quantity that firms wish to supply.
A situation when amount by which the quantity supplied exceeds the quantity demanded at the current price
