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Elasticity Of Demand Quiz 1 (25 MCQs)

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1. If goods are complements, definitely their

2. If percentage change on quantity demanded is +29% and the percentage change in income is +11%. What is income elasticity of demand?

3. Price elasticity of demand is (-) 1.5 At a given price the consumer buys 40 units of the good. How many units will the consumer buy if the price falls by 20 %

4. If the elasticity of demand for a product equals 1.5, then an increase in the product price will cause total revenue to

5. The quantity demanded of a commodity falls by 5 units when its price rises by Re 1 per unit. If price elasticity of demand is (-) 1.5 Calculate the price before change if at this price quantity demanded was 60 units.

6. The price of rice has increased by 10%. What is the likely percentage change in quantity demanded?

7. The Price elasticity of soda is-0.8, therefore we can say that soda is _____

8. If PED of a good is 0.4, we say that demand for the good is

9. Price Elasticity of Demand is calculated by

10. Yuna said, 'I go ice skating five times a week. If the ticket price doubles, I will go only four times a week.'Yuna's demand for ice skating is

11. Elasticity under percent under 0

12. How is PED calculated?

13. A decline in the price of good X by Rs 5 cause an increase of 20 units on its demand which goes up to 50 units. The new price is Rs 15 .Calculate Ed

14. Price elasticity of demand that has a coefficient of >1

15. Which of the following would be an inelastic good or service?

16. The demand curve for new cars in a country shifted to the left.Which change could have caused such a shift?

17. If the demand is perfectly elastic, then a shift in the supply curve does not affect the equilibrium price.

18. Shows how sensitive consumer demand is to changes in price

19. If income rises by 12% and demand rises by 20%, what is the YED?

20. Alyssa's Floral Shoppe dropped its prices for a dozen roses from £45 to £35 this year. Because of this decrease in price, the quantity sold increased from 1000 to 1500. The price elasticity of demand for Alyssa's roses is:

21. Suppose that when paper plates sell for $ 2 per package, the demand is 5 million. Which of the following is the total revenue earned?

22. If a 1 percent decrease in the price of a pound of squash results in a larger percentage decrease in the quantity supplied,

23. If a 10 percent increase in the price of a good leads to a 25 percent decrease in the quantity demanded of a good, demand is:

24. For much of the world rice is a staple food. If the world price of rice increases by 10%, what is the likely percentage change in quantity demanded?

25. What is the definition for income elasticity of demand?

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Elasticity Of Demand Quiz 1 (25 MCQs)

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