2. USAEO Microeconomics
Elasticity Of Demand — Quiz
Test your understanding of elasticity of demand with 5 practice questions.
Practice Questions
Question 1
What is the formula for calculating the price elasticity of demand (PED)?
Question 2
If the price of a product increases by 10% and the quantity demanded decreases by 15%, what is the price elasticity of demand?
Question 3
Which of the following goods is most likely to have an inelastic demand?
Question 4
A company increases the price of its product by 20%, and its total revenue decreases. What can we infer about the price elasticity of demand for this product?
Question 5
Which of the following mathematical values for price elasticity of demand represents a perfectly inelastic demand curve?