This lesson worksheet quiz provides multiple choice short answer and fill in the blank questions covering price elasticity of demand. Calculate the elasticity of demand at 80.
Place a y in the box if the answer is yes place an n in the box id the answer is no.
Price elasticity of demand worksheet with answers. Displaying top 8 worksheets found for elasticity of demand and supply. Draw the demand curve in the graph below. Some of the worksheets for this concept are work 7 calculating price elasticity price elasticity of demand example questions practice questions and answers from lesson i 7 chapter 4 demand work elasticity of demand exercises the formula used to calculate the percentage change in microeconomics.
It will also help determine whether or not a particular product or letter is working for the company. Elasticity worksheet answers econ 310 chapter 2 1. 7 calculating price elasticity displaying top 8 worksheets found for this concept.
Look at the following questions in comparison to the goods. Elasticity of demand worksheet is used to measure the response to a sales letter or product. With data from a demand schedule we can calculate the ped for a good between any two prices.
If p 80 calculate q and plot this point on the graph above. The quiz can be downloaded here in pdf format along with a quiz with answers included. P 100 2q a.
Some of the worksheets for this concept are elasticities of demand and supply today add elasticity supply and demand infographic supplemental activity chapter 4 elasticities of demand and supply understanding price elasticity its no stretch chapter 4 dem elasticity work answers topic 4 elasticity lesson plan lesson. Comparing gasoline and restaurant meals directions. With respect to the price elasticity of demand construct a graph using the data in figure1.
In order to determine change in quantity demanded take the new q d the initial q d and divide by the initial q d. Answer elasticity 2 pdf name chapter 4 demand and elasticity worksheet denition of elasticit of demand it is a measure of how responsive explain your answers. 2 6 price elasticity of demand p a r t 1 p ed is a measure of the responsiveness of consumers to a change in the price of a particular good.
From tires to toothpicks part 1. You are using your own critical thinking here. Answers price elasticity of demand worksheet 4 1 1 1 2 price elasticity of demand is a measure of the responsiveness of quantity demanded to a change in price.
Extension 1 answers the formula for calculating a coefficient of price elasticity of demand is. Similarly in order to determine change in price take the new p the initial p and divided by the initial p. For example below is a table representing the demand for ski poles in zurich during the month of december.
Quiz and answers price elasticity demand key pdf. Consider the following demand curve. 1 3 cigarettes tend to be relatively price inelastic because they are habit forming 1 4 chocolate bars tend to be relatively price elastic because they have many close substitutes.