Price Elasticity of Demand: Definition, Formula & Example


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What does price elasticity of demand measure?

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1. What is a reason a product would be elastic?

2. What can we interpret about price elasticity of demand when the percentage change in quantity demanded is equivalent to the percentage change in price?

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About This Quiz & Worksheet

You can go over the formula for the price elasticity of demand with this quiz and worksheet. Get ready to demonstrate that you know how and why this formula is used.

Quiz & Worksheet Goals

Information that you will be tested on over the course of this quiz includes:

  • What's measured by the price elasticity of demand
  • Inelastic products
  • The denominator of the price elasticity of demand formula

Skills Practiced

This quiz supplies you with the opportunity to practice skills such as:

  • Reading comprehension - ensure that you draw the most important information from the related lesson on price elasticity of demand
  • Information recall - access the knowledge you've gained regarding the reasons that a product would be elastic
  • Knowledge application - use your knowledge to answer a question about what can be interpreted regarding price elasticity of demand

Additional Learning

Stretch your understanding of this subject even further by reading the lesson entitled Price Elasticity of Demand: Definition, Formula & Example. Examples of the specific information contained in this lesson include:

  • Elastic and inelastic products
  • How elastic demand is graphed
  • Factors involved with the demand of buyers