Quiz: Income Elasticity of Demand Calculations
WJEC Eduqas GCE A LEVEL in BUSINESS specification
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Welcome! Building on your knowledge of market research and price elasticity, this quiz focuses on calculating income elasticity of demand. Let’s get started!
What does a positive income elasticity of demand mean?
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Which of the following goods are likely to have a negative income elasticity of demand? (Select all that apply)
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Income elasticity of demand is calculated by dividing the percentage change in {{blank0}} by the percentage change in {{blank1}}.
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Match the items on the left with their correct pairs on the right
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Calculate the income elasticity of demand if income increases by 10% and the quantity demanded increases by 5%.
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If a product has an income elasticity of demand of -0.2, what does this tell you?
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Which of the following statements about income elasticity of demand are correct? (Select all that apply)
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Match the items on the left with their correct pairs on the right
If quantity demanded increases by 20% when income rises by 50%, what is the income elasticity of demand?
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