Scribd Logo
Upload

Welcome to Scribd!

  • Name: - Class: Form 4 - Economics Quiz # 3

    Uploaded by

    Rafena Mustapha
    11 views1 page
    This document contains an economics quiz with questions about key economic terms like price elasticity of demand, income elasticity of demand, and cross elasticity. It includes a demand schedule for a product and asks students to calculate the price elasticity based on the data and interpret the results. Students are also asked to identify two factors that can affect the price elasticity of supply.

    Original Description:

    Original Title

    EconsQ3

    Copyright

    © © All Rights Reserved

    Available Formats

    DOCX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Report this Document
    This document contains an economics quiz with questions about key economic terms like price elasticity of demand, income elasticity of demand, and cross elasticity. It includes a demand schedule for a product and asks students to calculate the price elasticity based on the data and interpret the results. Students are also asked to identify two factors that can affect the price elasticity of supply.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as docx, pdf, or txt
    11 views1 page

    Name: - Class: Form 4 - Economics Quiz # 3

    Uploaded by

    Rafena Mustapha
    This document contains an economics quiz with questions about key economic terms like price elasticity of demand, income elasticity of demand, and cross elasticity. It includes a demand schedule for a product and asks students to calculate the price elasticity based on the data and interpret the results. Students are also asked to identify two factors that can affect the price elasticity of supply.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as docx, pdf, or txt
    of 1

    Name: ________________________ Class: Form 4 ____

    Economics Quiz # 3

    1. (a) Define EACH of the following terms: (4)


    (i) Price elasticity of demand ______________________________________________________
    ______________________________________________________________________________
    (ii) Income elasticity of demand ______________________________________________________
    ______________________________________________________________________________

    2. Using an example, explain what a zero cross elasticity of result represents. (5)
    ____________________________________________________________________________________
    ____________________________________________________________________________________
    ____________________________________________________________________________________
    ____________________________________________________________________________________
    ____________________________________________________________________________________
    ____________________________________________________________________________________

    3. Table 1 below presents a demand schedule for Product X.

    TABLE 1: DEMAND SCHEDULE FOR PRODUCT X


    Price (US$) Quantity (units)
    5 20
    3 40

    (i) Using the information in the table, calculate the price elasticity of demand for Product X when
    the price changes from US $5 to US $3. (3)
    ____________________________________________________________________________________
    ____________________________________________________________________________________
    ____________________________________________________________________________________
    ____________________________________________________________________________________
    ____________________________________________________________________________________

    (ii) Interpret the results obtained in (i) above. (1)


    ____________________________________________________________________________________
    ____________________________________________________________________________________

    4. Identify TWO factors that affect price elasticity of supply. (2)


    ____________________________________________________________________________________
    ____________________________________________________________________________________

    You might also like