Demand and Price Elasticity Worksheet
This worksheet covers key concepts of demand and price elasticity, including factors affecting demand, types of elasticity, and their implications for businesses.
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Demand and Price Elasticity
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Read each question carefully and provide your answer in the space provided. For multiple-choice questions, circle the letter corresponding to the correct answer.
1. Which of the following is NOT a determinant of demand?
Consumer income
Price of related goods
Technology
Consumer tastes and preferences
2. If a 10% increase in the price of a good leads to a 5% decrease in the quantity demanded, the demand for this good is:
Elastic
Inelastic
Unit-elastic
Perfectly elastic
3. The law of demand states that, all else being equal, as the price of a good or service increases, the quantity demanded will .
4. Price elasticity of demand measures the responsiveness of to a change in its .
5. A product with many close substitutes tends to have an inelastic demand.
True
False
6. Normal goods have a positive income elasticity of demand.
True
False
7. Explain the difference between a change in quantity demanded and a change in demand.
8. Describe how a business can use the concept of price elasticity of demand to make pricing decisions.
9. Analyze the provided supply and demand curve diagram. If the demand curve shifts to the right, what does this indicate about consumer behavior and market price?
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