5 Questions
What is the percentage change in price going from point A to point B?
25%
What is the price elasticity of demand based on the given information?
0.75
What is the percentage change in quantity going from point A to point B?
33.3%
What is the correct formula for calculating percentage change in price?
(end value – start value) / start value x 100%
What is the correct formula for calculating price elasticity of demand?
% change in price / % change in quantity
Test your knowledge of elasticity and its application in economics with this quiz. Explore the concept of elasticity and its numerical measures of responsiveness to changes in demand or supply.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
