Quiz & Worksheet - Price Elasticity of Demand in Microeconomics

Instructions:

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

question 1 of 3

How is price elasticity of demand measured?

% change quantity supplied/% change in price

change in quantity supplied/change in price

change in quantity demanded/change in price

% change in quantity demanded/% change in price

Worksheet

Print Price Elasticity of Demand in Microeconomics Worksheet

1. Elasticity of demand is said to be elastic when elasticity is:

Less than 1.
Equal to 1.
Greater than 1.
Greater than 0.

2. Which of the following is NOT an inelastic demand for a product?

An elasticity of 0.7.
An elasticity of 0.
An elasticity of 0.95.
An elasticity of 1.5.

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About This Quiz & Worksheet

So why exactly do folks rush out to the stores after Thanksgiving? You'll find out after taking this quiz and corresponding worksheet on price elasticity of demand in microeconomics. Questions will challenge you to describe the characteristics of inelastic demand for a product as well as how it is determined.

Quiz & Worksheet Goals

Students will answer questions regarding:

How to measure price elasticity of demand
When demand is considered elastic
How price can be inelastic
Finding the elasticity in a problem
Process to change inelastic demand

Skills Practiced

Interpreting information - verify you can read information regarding price elasticity and interpret it correctly
Problem solving - use acquired knowledge to solve a price elasticity problem
Reading comprehension - ensure that you draw the most important information from the related economics lesson

Additional Learning

If you want to find out more about how to get others to buy your goods, check out the corresponding lesson, Price Elasticity of Demand in Microeconomics. This lesson will help you: