1.2 Elasticity (PED)

Question 1 of 7

1

Fill the blank spaces to complete the text.

Formula for PED: (percent change in ) / (percent change in )

Explanation

Question 2 of 7

1

PED is usually positive.

Select one of the following:

True
False

Explanation

Question 3 of 7

1

The value of PED depends on the degree of customers' ability and willingness to pay.

Select one of the following:

True
False

Explanation

Question 4 of 7

1

Click on each orange point and write the correct answer.

Label the 3 types of PED graphs below.

Explanation

Question 5 of 7

1

Fill the blank spaces to complete the text.

PED Values:
Unit Elastic =
Perfectly Price Elastic =
Perfectly Price Inelastic =
Price Inelastic = (low or high)
Price Elastic = (low or high)

Explanation

Question 6 of 7

1

Which are determinants of PED?

Select one of the following:

Degree of Substitution
Habits, Addiction, Tastes
Proportion of Income
Time
All of the Above

Explanation

Question 7 of 7

1

Select from the dropdown lists to complete the text.

Total Revenue

When price increases, total revenue ( increases, decreases, remains unchanged ) for price inelastic goods and ( increases, decreases, remains unchanged ) for elastic goods.
When price decreases, total revenue ( increases, decreases, remains unchanged ) for price inelastic goods and ( increases, decreases, remains unchanged ) of elastic goods.
In both cases, total revenue ( remains unchanged, increases, decreases ) for unitary goods.

	Created by Hayle Short over 5 years ago

Price Elasticity

1.2 Elasticity (PED)

Question 1 of 7

Fill the blank spaces to complete the text.

Formula for PED: (percent change in ) / (percent change in )

Explanation

Question 2 of 7

PED is usually positive.

Select one of the following:

Explanation

Question 3 of 7

The value of PED depends on the degree of customers' ability and willingness to pay.

Select one of the following:

Explanation

Question 4 of 7

Click on each orange point and write the correct answer.

Label the 3 types of PED graphs below.

Explanation

Question 5 of 7

Fill the blank spaces to complete the text.

PED Values: Unit Elastic = Perfectly Price Elastic = Perfectly Price Inelastic = Price Inelastic = (low or high) Price Elastic = (low or high)

Explanation

Question 6 of 7

Which are determinants of PED?

Select one of the following:

Explanation

Question 7 of 7

Select from the dropdown lists to complete the text.

Explanation

PED Values:
Unit Elastic =
Perfectly Price Elastic =
Perfectly Price Inelastic =
Price Inelastic = (low or high)
Price Elastic = (low or high)