Elasticity of Demand — Practice Quiz
ICSE · Class 10 · Economic Application
Try a 4-question quiz on Elasticity of Demand for ICSE Class 10 Economic Application: tap an answer to check it and see why.
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Quick Quiz: Elasticity of Demand
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What does price elasticity of demand measure?
Which formula shows price elasticity of demand by the percentage method?
Which product gives total expenditure?
Which value shows perfectly inelastic demand?
Sample Questions
If Ed is 1, demand is called unit elastic.
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True
When the value of Ed is 1, demand is said to be unit elastic.
Which of these is an example of elastic demand?
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Coca-Cola
Coca-Cola has elastic demand because close substitutes like Pepsi and Thums Up are available at competitive prices.
Salt has inelastic demand because it has no close substitutes.
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True
Salt is considered a necessity and has no close substitutes, so its demand is inelastic.
Which method uses the formula Ed = lower part / upper part of the demand curve?
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Geometrical method
The geometrical or point method measures elasticity as the lower segment divided by the upper segment of the demand curve.
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