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Elasticity of Demand

ICSE · Class 12 · Economics

Practice quiz for Elasticity of Demand — ICSE Class 12 Economics. MCQs and questions with answers to test your preparation.

62 questions36 flashcards5 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·
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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?

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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?

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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?

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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?

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1/3

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

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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 Types and Degrees of Elasticity of Demand — Complete Overview, Total Expenditure Method — Correct Decision Rules, Elasticity of Demand - Full Chapter Concept Map. These are the concepts ICSE Class 12 examiners draw on most — study them first, then practise related questions.
How to score full marks in Elasticity of Demand — ICSE Class 12 Economics?
Understand the core concepts first, then work through the 62 practice questions available for this chapter. Revise formulas and definitions regularly, and use flashcards for quick recall before the exam.

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