
Understanding Price Elasticity of Demand

Interactive Video
•
Mathematics, Business, Economics
•
10th - 12th Grade
•
Medium

Amelia Wright
Used 2+ times
FREE Resource
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10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does price elasticity of demand measure?
The cost of production for a good
The total revenue generated from sales
The sensitivity of quantity demanded to a change in price
The change in price due to a change in demand
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which analogy is used to explain elasticity in the video?
A rubber ball
A spring
A bouncing ball
Elastic and inelastic bands
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the basic formula for calculating price elasticity of demand?
Percent change in quantity over percent change in price
Percent change in price over percent change in quantity
Total quantity divided by total price
Total price divided by total quantity
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In the example from point A to B, what was the percent change in quantity?
50%
75%
100%
25%
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What was the price elasticity of demand calculated from point E to F?
-0.25
-2.0
-1.5
-0.75
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why does price elasticity of demand vary along a demand curve?
Due to changes in consumer preferences
Because of different initial prices and quantities
Due to external market factors
Because the slope of the curve changes
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What happens to the elasticity value when moving from a high price to a low price on the demand curve?
It becomes zero
It becomes less elastic
It becomes more elastic
It remains constant
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