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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 consumers react to price changes.
Question 2
Easy
What is elastic demand?
💡 Hint: Remember the flexibility of the demand?
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 does the Price Elasticity of Demand measure?
- a) Change in supply with price
- b) How quantity demanded changes with price
- c) Profit margins
- d) Consumer income level
💡 Hint: Look for what deals with demand and price.
Question 2
If demand for a product is inelastic, what happens when the price increases?
- True
- False
💡 Hint: Think about necessities.
Solve 1 more question and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
Suppose a luxury handbag's price increases by 20%, leading to a 30% drop in sales. Calculate the Price Elasticity of Demand and explain its significance.
💡 Hint: Consider the formula for PED.
Question 2
A pharmaceutical product is essential for many consumers. If it increases in price, predict the reaction of consumers over the short and long term, and explain the reasoning.
💡 Hint: Think about the difference in consumer behavior over time.
Challenge and get performance evaluation