Quiz: Elasticity and Total Revenue
AQA A level economics 7136 specification
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Building on what you've learned about demand curves, elasticity, and interrelations between markets, let's test your knowledge of how elasticity impacts total revenue and total expenditure!
What happens to total revenue if price is increased for a product with inelastic demand?
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Which of the following factors affect price elasticity of demand? (Select all that apply)
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If demand is elastic, increasing the price will cause total revenue to {{blank0}}.
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Match the items on the left with their correct pairs on the right
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Calculate the price elasticity of demand if the price of a product increases from £10 to £12 and the quantity demanded decreases from 100 units to 80 units.
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If price decreases by 10% and total revenue increases, what can be said about the price elasticity of demand?
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Match the items on the left with their correct pairs on the right
If a 15% increase in price leads to a 15% decrease in quantity demanded, what is the price elasticity of demand?
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Which of the following are examples of products with elastic demand? (Select all that apply)
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The total expenditure on a product is calculated as {{blank0}} \times {{blank1}}.
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