PrintWorksheet 1. Elasticity of demand is said to be elastic when elasticity is: Less than 1. Equal to 1. Greater than 1. Greater than 0. 2. Which of the following is NOT an inelastic demand for a product? An elasticity of 0.7. ...
Worksheet PrintWorksheet 1. Cross price elasticity of demand is equal to the percentage change in quantity demanded for Product A, divided by: The percentage change in quantity demanded of product B. The percentage change in price of product B. ...
How will a knowledge of PED affect firms in this market. The price of the chocolate market is inelastic, which means that when the demand was really low, however, the price will still not decrease that much because of the inelasticity of the price of chocolates. Should one firm put up it...
2. When quantity demand stays the same while income drops, what kind of product is it? Inferior good Superior good Necessity Normal good Create your account to access this entire worksheet A Premium account gives you access to all lesson, practice exams, quizzes & worksheets Access to ...
The change in demand - The change in income 2. If the demand for a good or service increases by 10% when income increases by 25%, what is the income elasticity of demand? 0.25 0.4 0.1 2.5 Create your account to access this entire worksheet ...
Quiz & Worksheet Goals Your aim while completing this quiz should be to prove that you can answer questions about: Examples of price elasticity of supply Facts related to this subject The elasticity of price compared to demand Skills Practiced ...
Elasticity of supply is a term relating to the field of economics that the quiz and worksheet for this lesson have been designed to help you better understand. Learn about such information as the effect that supply and demand can have on both consumers and businesses and identify specific exampl...