Elasticity of Demand Worksheet
Explore the concept of elasticity of demand, its types, and factors influencing it with this Grade 9 Social Studies worksheet.
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Elasticity of Demand Worksheet
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Read each question carefully and answer to the best of your ability. Use complete sentences for short answer questions.
1. Which of the following best defines elasticity of demand?
The total amount of a product consumers are willing to buy.
The responsiveness of quantity demanded to a change in price.
The relationship between price and supply.
The amount of time it takes to produce a good.
2. If a product has many close substitutes, its demand is likely to be:
Inelastic
Elastic
Unitary elastic
Perfectly inelastic
3. When the percentage change in quantity demanded is greater than the percentage change in price, demand is considered .
4. Products that are necessities tend to have demand.
5. The availability of substitutes is a major factor influencing the elasticity of demand.
True
False
6. A product with inelastic demand will see a large change in quantity demanded even with a small change in price.
True
False
7. Explain the difference between elastic and inelastic demand, providing an example for each.
8. What are two factors that determine the elasticity of demand for a good or service?
Match each term on the left with its definition on the right.
9. Price Elasticity of Demand
a. Demand where a change in price causes a smaller percentage change in quantity demanded.
10. Inelastic Demand
b. A measure of how much the quantity demanded of a good responds to a change in the price of that good.
11. Elastic Demand
c. Demand where a change in price causes a larger percentage change in quantity demanded.