Elasticity Essentials

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Test your elasticity knowledge.

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Glen Andhika

Indonesia

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Froggy Jumps Elasticity EssentialsVersión en línea Test your elasticity knowledge. por Glen Andhika 1 What does price elasticity of demand measure? a Sensitivity of quantity demanded to price changes b Change in income due to price changes c Sensitivity of supply to price changes 2 If demand falls 10% when price rises 20%, what is elasticity? a -0.5 b 2 c -1.0 3 Which product is usually price inelastic? a Gasoline b Luxury car c Nonessential gadget 4 What represents elasticity along a linear demand curve? a Elasticity varies with price and quantity b Elasticity is constant c Elasticity equals slope 5 Income elasticity of demand for an inferior good is typically: a Positive b Negative c Zero 6 Cross-price elasticity measures: a Change in income due to price shift b Change in supply to tax c Response of demand for one good to price change of another 7 If the elasticity of supply is 0.8, the supply is: a Inelastic b Unitary c Elastic 8 Unitary elasticity occurs when: a Price unchanged b Quantity unchanged c Percentage change in quantity equals percentage change in price 9 Which factor does not affect elasticity? a Proportion of income spent b Availability of substitutes c Color of the product 10 Arc elasticity is used to: a Average percentage change between two points b Estimate tax revenue c Predict maximum price

Froggy Jumps

Elasticity EssentialsVersión en línea

Test your elasticity knowledge.

por Glen Andhika

What does price elasticity of demand measure?

Sensitivity of quantity demanded to price changes

Change in income due to price changes

Sensitivity of supply to price changes

If demand falls 10% when price rises 20%, what is elasticity?

-0.5

-1.0

Which product is usually price inelastic?

Gasoline

Luxury car

Nonessential gadget

What represents elasticity along a linear demand curve?

Elasticity varies with price and quantity

Elasticity is constant

Elasticity equals slope

Income elasticity of demand for an inferior good is typically:

Positive

Negative

Zero

Cross-price elasticity measures:

Change in income due to price shift

Change in supply to tax

Response of demand for one good to price change of another

If the elasticity of supply is 0.8, the supply is:

Inelastic

Unitary

Elastic

Unitary elasticity occurs when:

Price unchanged

Quantity unchanged

Percentage change in quantity equals percentage change in price

Which factor does not affect elasticity?

Proportion of income spent

Availability of substitutes

Color of the product

Arc elasticity is used to:

Average percentage change between two points

Estimate tax revenue

Predict maximum price

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Elasticity Essentials

Froggy Jumps

Sobre esta actividad

Creada por

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Froggy Jumps

Elasticity EssentialsVersión en línea

por Glen Andhika

What does price elasticity of demand measure?

If demand falls 10% when price rises 20%, what is elasticity?

Which product is usually price inelastic?

What represents elasticity along a linear demand curve?

Income elasticity of demand for an inferior good is typically:

Cross-price elasticity measures:

If the elasticity of supply is 0.8, the supply is:

Unitary elasticity occurs when:

Which factor does not affect elasticity?

Arc elasticity is used to:

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