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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
Define elasticity of demand in your own words.
💡 Hint: Think about how a rubber band reacts to force.
Question 2
Easy
Give an example of elastic demand.
💡 Hint: Consider what you might stop buying if prices increase.
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 elastic demand mean?
- A small change in price leads to a large change in demand.
- Price changes do not affect demand.
- Demand remains stable.
- Demand increases with price.
💡 Hint: Think about the consumer's reaction to luxury items.
Question 2
Is inelastic demand sensitive to price changes?
- True
- False
💡 Hint: Consider necessities that people always buy.
Solve 1 more question and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
A company raises the price of its product by 20%, and demand decreases by 10%. Is the demand elastic or inelastic? Explain your reasoning.
💡 Hint: Develop a ratio comparing price changes to demand changes.
Question 2
Consider two products: one is a necessity, and the other is a luxury. If both have a price increase of 15%, discuss the potential demand responses.
💡 Hint: Think about consumer priorities when prices increase.
Challenge and get performance evaluation