3 Questions
What does individual elasticity measure?
Responsiveness of quantity demanded to a change in price for an individual consumer
If the price of a product increases and the quantity demanded by an individual consumer decreases, what can be said about the individual's price elasticity of demand?
It is negative
What does a price elasticity of demand greater than 1 indicate for an individual consumer?
Demand is elastic
Test your knowledge of individual elasticity with this quiz. Explore what individual elasticity measures, and discover how changes in price and quantity demanded affect an individual's price elasticity of demand. Determine the significance of a price elasticity of demand greater than 1 for an individual consumer.
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