Price Elasticity of Demand in Microeconomics Video

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?

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

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

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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:

  • Identify what the law of demand states
  • Explain the formula to calculate the price elasticity
  • Understand the three categories of elasticity of demand
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