Elasticity and its Application Quiz
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Questions and Answers

What is the percentage change in price going from point A to point B?

  • 25% (correct)
  • 30%
  • 15%
  • 20%

What is the price elasticity of demand based on the given information?

  • 0.75 (correct)
  • 0.5
  • 1.0
  • 1.5

What is the percentage change in quantity going from point A to point B?

  • 50%
  • 33.3% (correct)
  • 28%
  • 40%

What is the correct formula for calculating percentage change in price?

<p>(end value – start value) / start value x 100% (D)</p> Signup and view all the answers

What is the correct formula for calculating price elasticity of demand?

<p>% change in price / % change in quantity (B)</p> Signup and view all the answers

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