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Elasticity of Demand

ICSE · Class 10 · Economics

Practice quiz for Elasticity of Demand — ICSE Class 10 Economics. MCQs and questions with answers to test your preparation.

45 questions22 flashcards5 concepts

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A diagram illustrating different types of price elasticity of demand: perfectly inelastic, inelastic, unitary elastic, elastic, and perfectly elastic, using various demand curve shapes.
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Quick Quiz: Elasticity of Demand

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1

What does price elasticity of demand measure?

2

What is the formula for calculating price elasticity of demand using the percentage method?

3

When the price elasticity coefficient is exactly equal to 1, the demand is called:

4

What shape does a perfectly inelastic demand curve take?

45 Questions·
multiple choicemultiple correct

Sample Questions

1multiple correct

Which of the following goods typically have inelastic demand?

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Salt, Life-saving medicines, Basic food items like wheat

Necessities like salt, medicines, and basic food items have inelastic demand because people need them regardless of price changes. Luxury items like cars and designer clothes have elastic demand.

2multiple choice

Which factor makes the demand for a good more elastic?

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Availability of close substitutes

When close substitutes are available, consumers can easily switch to alternatives if the price rises, making demand more elastic. Necessities, goods with no substitutes, and habit-forming goods have inelastic demand.

3multiple choice

What does it mean when the price elasticity coefficient is greater than 1?

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Demand is elastic

When the elasticity coefficient is greater than 1, it means the percentage change in quantity demanded is greater than the percentage change in price, indicating elastic demand.

4multiple correct

Which of the following factors affect price elasticity of demand?

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Nature of the commodity, Availability of substitutes, Time period, Consumer's habits

All these factors influence price elasticity: nature of commodity (necessity vs luxury), substitute availability, time period for adjustment, and consumer habits all determine how responsive demand is to price changes.

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What are the important topics in Elasticity of Demand for ICSE Class 10 Economics?
Key topics in Elasticity of Demand include Elasticity of Demand - Complete Concept Map, Correct vs Incorrect: Reading Elasticity from Demand Curve Shape, Elasticity of Demand — Complete Concept Map. These are the concepts ICSE Class 10 examiners draw on most — study them first, then practise related questions.
How to score full marks in Elasticity of Demand — ICSE Class 10 Economics?
Understand the core concepts first, then work through the 45 practice questions available for this chapter. Revise formulas and definitions regularly, and use flashcards for quick recall before the exam.

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