Practice - Elasticity along a Linear Demand Curve
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Practice Questions
Test your understanding with targeted questions
Define price elasticity of demand.
💡 Hint: Think of how consumers react when prices change.
What does it mean if demand is elastic?
💡 Hint: Consider the ratio of quantity change to price change.
4 more questions available
Interactive Quizzes
Quick quizzes to reinforce your learning
What is the formula for calculating price elasticity of demand?
💡 Hint: Remember that percentage changes in quantity and price are involved.
If a linear demand curve has elasticity of 1, what point does this correspond to?
💡 Hint: Think about where demand meets changes in quantity.
1 more question available
Challenge Problems
Push your limits with advanced challenges
Given a linear demand curve q = 30 - 2p, determine the elasticity at p = 5.
💡 Hint: Utilize the slope - recall that elasticity changes with price.
If the price of oranges rises from $2 to $3 and the quantity demanded drops from 100 to 80, what is the elasticity of demand?
💡 Hint: Express changes in both quantity and price clearly.
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