Elastic Demand: Definition, Formula & Examples

Instructions:

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question 1 of 3

An elastic demand is one where with a one percent increase in price, quantity demanded decreases by:

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1. The only demand curve that is constantly elastic along the entire curve is a ________ demand curve.

2. What elasticity of demand below is considered elastic?

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About This Quiz & Worksheet

Elastic demand is a phenomenon relevant in many economics topics, such as price elasticity. This quiz asks you about the meaning of elastic demand and methods to determine this phenomenon.

Quiz & Worksheet Goals

You should have a thorough understanding of:

  • Elasticity of demand
  • Elastic demand curve
  • Price elasticity

Skills Practiced

With these assessments you will work on:

  • Defining key concepts- ensure that you can define key terms, such as elastic demand and elasticity of demand
  • Information recall- access the knowledge you've gained about the formulas necessary to find the price elasticity of demand
  • Interpreting information- verify that you can read information about elasticity of demand and interpret it correctly

Additional Learning

The accompanying lesson, Elastic Demand: Definition, Formula & Examples, provides more information on rates of change. Below are some of the additional objectives:

  • Identify elasticity from a graph
  • Know how to utilize formulas
  • Understand how variable changes affect a demand curve
  • See how derivatives are used in determining price elasticity
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