Elasticity Definition

Quiz by Chen, Clara

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5 questions
Show answers
• Q1
Which good would you expect to have more elastic demand ?
required textbooks
mystery novels
30s
• Q2
Which good would you expect to have more elastic demand?
root beer
water
30s
• Q3
Which of the following has inelastic demand?
Goods in the narrowly defined market
The longer time period
A good has less close substitutes.
Luxury goods
30s
• Q4

If the price of an ice cream cone increases from \$2.0 to \$2.2 and the amount you buy falls from 10 to 8 cones, then what is the elasticity of demand? Using the percentage method

10

-2

2

60s
• Q5

If the price of an ice cream cone increases from \$2.0 to \$2.2 and the amount you buy falls from 10 to 8 cones, then what is the elasticity of demand? Using the midpoint  method

2.00

-2.32

2.32

-10

60s

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