Elasticity of Demand Worksheet

Understand and apply the concepts of price elasticity of demand, income elasticity of demand, and cross-price elasticity of demand with real-world examples.

Grade 10 Social studies EconomicsElasticity of Demand

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Standards

C3.D2.Eco.1.9-12. Explain how the global economy and resource distribution affect the economic decisions of individuals, businesses, and governments.C3.D2.Eco.2.9-12. Analyze the ways in which economic systems and institutions affect the choices of individuals, businesses, and governments.

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EconomicsElasticity of DemandSocial StudiesGrade 10

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Elasticity of Demand

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Read each question carefully and answer to the best of your ability. Show your work where applicable.

1. If the price of a product increases by 10% and the quantity demanded decreases by 15%, the demand for this product is:

Inelastic

Elastic

Unit elastic

Perfectly inelastic

2. Which of the following goods is most likely to have an inelastic demand?

Luxury cars

Gasoline

Restaurant meals

Designer clothing

3. The measures the responsiveness of the quantity demanded to a change in price.

4. If a good has many close substitutes, its demand is likely to be more .

5. A perfectly inelastic demand curve is represented by a line.

6. The demand for necessities is generally more elastic than the demand for luxuries.

True

False

7. If the cross-price elasticity of demand between two goods is positive, the goods are complements.

True

False

8. Explain the difference between elastic and inelastic demand, providing an example for each.

9. How does the availability of substitutes affect the price elasticity of demand for a good?

10. Analyze the provided graph showing the demand curve. Is the demand in this section elastic or inelastic? Explain your reasoning.