Point Elasticity: Method & Formula

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

All of the following are examples of elastic goods EXCEPT:

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1. Say that the elasticity of demand for a good is 2. What will happen if we increase the price?

2. _____ is a visual image showing that demand goes up as price goes down.

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About This Quiz & Worksheet

Use this quiz and worksheet to assess and review your understanding of point elasticity and how it is related to business. You'll check your understanding of elastic goods and how to use a formula to establish pricing versus demand.

Quiz & Worksheet Goals

The purpose of this quiz and worksheet is to help you review

  • What an elastic good is
  • What point elasticity is
  • Determining demand based on price
  • Formulating the point elasticity

Skills Practiced

  • Knowledge application - check your knowledge about elastic goods to answer questions about point elasticity
  • Information recall - ensure you're able to remember the visual representation of demand versus price
  • Making connections - use your understanding of elasticity and using formulas to determine demand and price to correctly answer questions

Additional Learning

If you want to revisit more details about point elasticity, see the provided lesson, Point Elasticity: Method & Formula. The lesson covers:

  • What the law of demand states
  • How demand is affected by price
  • The difference between elastic and inelastic goods
  • Formulating the point elasticity
  • An example of formulating the point elasticity
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