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Elasticity of Demand — Practice Quiz

ICSE · Class 12 · Economics

Try a 4-question quiz on Elasticity of Demand for ICSE Class 12 Economics: tap an answer to check it and see why. 62 questions in the full chapter test.

62 questions36 flashcards5 formulas & key relations5 concepts

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Quick Quiz: Elasticity of Demand

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1

Income rises from ₹20,000 to ₹25,000 and quantity demanded rises from 40 units to 50 units. What is the income elasticity of demand?

2

Price of commodity X falls from ₹10 to ₹8 and demand rises from 100 units to 150 units. What is the price elasticity of demand by the percentage method?

3

A commodity costs ₹5 per unit and 40 units are bought. If price falls to ₹4 per unit and price elasticity of demand is -2, how many units will be bought?

4

A consumer buys 100 units of a good at ₹5 per unit. If price elasticity of demand is 2, what will be the new price when quantity demanded rises to 140 units?

62 Questions·
multiple choicemultiple correcttrue false

Sample Questions

1multiple choice
3 marks

A good has price ₹30 per unit and total expenditure ₹1,500. After a price fall to ₹25 per unit, total expenditure rises to ₹2,000. What is the new quantity demanded?

Show answer

80 units

Quantity demanded = total expenditure / price. At the new price, Q = 2,000 / 25 = 80 units.

2multiple choice
3 marks

A commodity changes from ₹4 to ₹2 per unit and quantity demanded changes from 5 units to 10 units. What is the arc elasticity of demand?

Show answer

2

Using arc elasticity: E_arc = (ΔQ/ΔP) × ((P1 + P2)/(Q1 + Q2)). Here ΔQ = 5, ΔP = 2, P1 + P2 = 6, Q1 + Q2 = 15. So E_arc = (5/2) × (6/15) = 2.

3multiple choice
3 marks

Income rises from ₹8,000 to ₹10,000 and demand rises from 60 units to 75 units. What is the income elasticity of demand?

Show answer

1

Percentage rise in income = (10,000 - 8,000) / 8,000 = 25%. Percentage rise in demand = (75 - 60) / 60 = 25%. So income elasticity = 25% / 25% = 1.

4multiple choice
3 marks

At a point on a straight-line demand curve, the upper segment is 6 cm and the lower segment is 2 cm. What is point elasticity of demand at that point?

Show answer

1/3

Point elasticity on a linear demand curve = lower part / upper part = 2 / 6 = 1/3.

+58 more questions on Elasticity of Demand (ICSE Class 12 Economics)

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Frequently Asked Questions

What are the important topics in Elasticity of Demand for ICSE Class 12 Economics?
Key topics in Elasticity of Demand include Degrees of Price Elasticity of Demand, Methods of Measuring Price Elasticity of Demand, Total Expenditure Method and Comparison of Elasticity, Income Elasticity of Demand. Study these first, then practise questions on each for the ICSE Class 12 board exam.
How many practice questions are there for Elasticity of Demand?
There are 62 questions on Elasticity of Demand. Try the 4-question sample quiz on this page first; each answer shows an explanation when you tap it.

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Content is aligned to the official syllabus. Refer to the board website for the latest curriculum.

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