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WorksheetsPrice elasticity on demand
Total questions: 11
Worksheet time: 6mins
Price Elasticity on Demand shows
how demand changes if the price changes
how price changes if demand changes
how prices change
Demand is
how much people pay for a product
when customers want to pay this price for a product
when customers try to get discounts
Substitutes are products that satisfy
different needs and wants
same needs and wants
Select substitutes
Gucchi bag and Carrefour bag
Pepsi and Cocal Cola
Ferrari and Nissan
If the price INCREASES, the demand_______.
increases
remains the same
decreases
If demand is ELASTIC,
it reacts a lot to price changes
it doesn't react to price changes
price change leads to an equal change in demand
Select a product with ELASTIC demand
petrol
make up
electricity bill
Unitary Elastic Demand
demand reacts a lot to price changes
change in price leads to an equal change in demand
demand doesn't react to price changes
Select a Unitary Elastic product
bread
electricity bill
make up
INELASTIC demand
demand reacts a lot to price changes
change in price leads to equal change in demand
demand doesn't react a lot to price changes
INELASTIC demand example:
bread
electricity bills
make up
