Elasticity of demand
Presentation
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Social Studies
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12th Grade
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Medium
Kendrick Broadus
Used 40+ times
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64 Slides • 29 Questions
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by Kendrick Broadus
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The elasticity of demand
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Inelastic demand means consumers are
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When measuring percent changes,
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Multiple Choice
quantity demanded responds to a change in price.
quantity demanded responds to a change in income.
price responds to a change in demand.
demand responds to a change in supply.
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Multiple Choice
After an economic boom, will the demand curve for TVs be more elastic or more inelastic?
More elastic
More inelastic
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Multiple Choice
After the invention of nuclear power plants, will the demand curve for coal power plants be more elastic or more inelastic?
More elastic
More inelastic
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Multiple Choice
Which of the following two goods is more likely to be inelastically demanded?
Demand for insulin
Demand for vitamins
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Multiple Choice
How does elasticity affect potential revenue for a firm?
If demand for a good is inelastic, lowering the price could raise revenue.
If demand for a good is inelastic, raising the price could reduce revenue.
If demand for a good is elastic, raising the price must increase revenue.
If demand for a good is elastic, raising the price could reduce revenue.
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Multiple Choice
Demand is almost always more elastic at higher prices and less elastic at lower prices.
True
False
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Multiple Choice
Demand is unit elastic if it is less than 1.0
True
False
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Multiple Choice
If the price on a product goes up the quantity demanded will go down. This follows the economic theory of:
Law of Demand
elasticity
income effect
None of the above
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Multiple Choice
The formula for calculating elasticity of demand is:
The % change in price over the % change in quantity demanded
The % change in quantity demanded over the % change in price
The change in price over the change in quantity demaned
The change in quantity demanded over the change in price
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Multiple Choice
What does it mean?
Ed = ∞
Perfectly inelastic demand
Inelastic demand
Unitarily elastic demand
Elastic demand
Perfectly elastic demand
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Multiple Choice
What does it mean?
Ed > 1
Perfectly inelastic demand
Inelastic demand
Unitarily elastic demand
Elastic demand
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Multiple Choice
What does it mean?
Ed < 1
Perfectly inelastic demand
Inelastic demand
Unitarily elastic demand
Elastic demand
Perfectly elastic demand
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Multiple Choice
Describe your demand for a product if you buy the same amount of it or just a small amount less after a large price increase.
elastic
unitary elastic
inelastic
hyperelastic
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Multiple Choice
Why does demand generally become more elastic over time?
People don't change their shopping behavior over time.
Few substitutes become available.
People buy more products over time.
People have time to find substitutes and change behaviors.
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Multiple Choice
Which of the following is an example of inelastic demand?
Jason wants the most expensive cellphone. He decides to get a cheaper model.
Priya wants to go to the season-opening game. Tickets to another game cost less, but she still buys tickets for the opener.
Tianna wants to try out a new, expensive restaurant. She goes to another restaurant whose food is excellent and costs less.
Shawn wants to buy a house in one neighborhood. But after searching, he decides to buy a house elsewhere instead.
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Multiple Choice
How does elasticity affect potential revenue for a firm?
If demand for a good is inelastic, lowering the price could raise revenue.
If demand for a good is inelastic, raising the price could reduce revenue.
If demand for a good is elastic, raising the price must increase revenue.
If demand for a good is elastic, raising the price could reduce revenue.
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Multiple Choice
Which of the following two goods is more likely to be inelastically demanded?
Demand for tangerines
Demand for fruit
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Multiple Choice
Which of the following two goods is more likely to be inelastically demanded?
Demand for Exxon gasoline at the corner of 7th and Grand
Demand for gasoline in the entire city
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Multiple Choice
Which of the following two goods is more likely to be inelastically demanded?
Demand for insulin
Demand for vitamins
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Multiple Choice
During the COVID 19 Pandemic we are all experiencing now, and the information campaign from the Center for Disease Control highlighting that bacteria and other organisms cause and spread disease, will the demand curve for soap be more elastic or more inelastic?
More elastic
More inelastic
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Multiple Choice
After more employers allow employees to telecommute, will the demand curve for cars be more elastic or more inelastic?
More elastic
More inelastic
by Kendrick Broadus
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