WorksheetsECON 4.3
Total questions: 10
Worksheet time: 20mins
Demand elasticity is the extent to which a change in price causes a change in the quantity demanded.
True
False
Demand is elastic when a given change in price causes a relatively smaller change in total expenditure(price x quantity demanded).
true
false
Demand is unit elastic when a given change in price causes a proportional change in total expenditure (price x quantity demanded).
True
False
To estimate elasticity, multiply the quantity demanded by the price for total expenditure, and compare the change in price.
True
False
The sole/only determinate of elasticity is the answer to this question: Can the purchase be delayed?
True
False
Price for common vegetables tend to be elastic. Why?
because other vegetables are available
because consumers must eat
because vegetables cannot be substituted
because vegetables are inexpensive
Which term refers to the change in price that causes a less than proportional change in total expenditure.
elastic
unit elastic
inelastic
total revenue.
Bobby has to purchase/make an appetizer for the pot luck dinner they are attending with their family tonight. The elasticity of this purchase would be __________.
Elastic
Unit Elastic
Inelastic
Inverse elastic
For which product is demand most likely to be the most elastic.
a product with no substitutes
a product with inadequate substitutes
a product with many adequate substitutes
it is impossible to tell
Bobby needs medicine in order to stay alive even though it is very expensive, and has no alternatives. The elasticity of this product is __________.
elastic
unit elastic
Inelastic
inverse elastic
