Price Elasticity of Demand (Grade 11 NSC Matric Economics): Quizzes
📚Quizzes
Practise the questions
10 questions from this quiz
ShowHide
Practise the questions
10 questions from this quiz
What does price elasticity of demand measure?
What does price elasticity of demand measure?
How responsive consumers are to price changes
According to the law of demand, what happens when prices increase?
According to the law of demand, what happens when prices increase?
Quantity demanded typically decreases
Why is price elasticity measured using percentages?
Why is price elasticity measured using percentages?
To compare responsiveness across products
If burgers rise from R20 to R22 (10% up) and sales drop from 1000 to 800 (20% down), what is ?
If burgers rise from R20 to R22 (10% up) and sales drop from 1000 to 800 (20% down), what is ?
What defines price elastic demand?
What defines price elastic demand?
change in quantity change in price
What defines price inelastic demand?
What defines price inelastic demand?
change in quantity change in price
Which factor is often the most important in determining elasticity?
Which factor is often the most important in determining elasticity?
Availability of substitutes
Why does salt typically have inelastic demand?
Why does salt typically have inelastic demand?
It represents a small portion of budget
Why do durable goods tend to have more elastic demand?
Why do durable goods tend to have more elastic demand?
Consumers can delay purchase if prices rise
How does time period affect price elasticity?
How does time period affect price elasticity?
Longer time makes demand more elastic