Elasticity Definition
Quiz by Chen, Clara
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5 questions
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- Q1Which good would you expect to have more elastic demand ?required textbooksmystery novels30s
- Q2Which good would you expect to have more elastic demand?root beerwater30s
- Q3Which of the following has inelastic demand?Goods in the narrowly defined marketThe longer time periodA good has less close substitutes.Luxury goods30s
- 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