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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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