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.
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Topics
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.
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