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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
Define price elasticity of demand.
💡 Hint: Think about how demand reacts when prices shift.
Question 2
Easy
What is inelastic demand?
💡 Hint: Remember, inelastic means less responsive.
Practice 4 more questions and get performance evaluation
Interactive Quizzes
Engage in quick quizzes to reinforce what you've learned and check your comprehension.
Question 1
What is the impact on expenditure when demand is inelastic and price increases?
- Expenditure decreases
- Expenditure increases
- No change
💡 Hint: Think about household essentials.
Question 2
True or False: Elastic demand means total expenditure remains constant with price changes.
- True
- False
💡 Hint: Recall the relationship with elasticity.
Solve and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
Suppose a product costs $10 and sells 100 units. If the price increases by 20% and quantity demanded decreases to 80, calculate the new total expenditure.
💡 Hint: Remember to multiply the new price by the new quantity.
Question 2
If a good’s price decreases by 30% while demand increases by 50%, will the expenditure increase or decrease? Show your calculations.
💡 Hint: Check percentage changes before calculating.
Challenge and get performance evaluation