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    Ped Worksheet 1

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    This document contains an economics worksheet that asks students to define price elasticity of demand, explain the difference between elastic and inelastic demand, identify the formula for measuring price elasticity of demand, determine whether the demand for alcohol and orange juice would be elastic or inelastic, describe the midpoint method for measuring elasticity, draw demand curves to illustrate perfectly elastic and relatively inelastic demand, and explain a statement about the price elasticity of demand for petrol.

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    Ped Worksheet 1

    Uploaded by

    api-505089065
    231 views2 pages
    This document contains an economics worksheet that asks students to define price elasticity of demand, explain the difference between elastic and inelastic demand, identify the formula for measuring price elasticity of demand, determine whether the demand for alcohol and orange juice would be elastic or inelastic, describe the midpoint method for measuring elasticity, draw demand curves to illustrate perfectly elastic and relatively inelastic demand, and explain a statement about the price elasticity of demand for petrol.

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    This document contains an economics worksheet that asks students to define price elasticity of demand, explain the difference between elastic and inelastic demand, identify the formula for measuring price elasticity of demand, determine whether the demand for alcohol and orange juice would be elastic or inelastic, describe the midpoint method for measuring elasticity, draw demand curves to illustrate perfectly elastic and relatively inelastic demand, and explain a statement about the price elasticity of demand for petrol.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    231 views2 pages

    Ped Worksheet 1

    Uploaded by

    api-505089065
    This document contains an economics worksheet that asks students to define price elasticity of demand, explain the difference between elastic and inelastic demand, identify the formula for measuring price elasticity of demand, determine whether the demand for alcohol and orange juice would be elastic or inelastic, describe the midpoint method for measuring elasticity, draw demand curves to illustrate perfectly elastic and relatively inelastic demand, and explain a statement about the price elasticity of demand for petrol.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
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    Name ____________________

    11 ATAR Economics
    Price Elasticity of Demand – Worksheet 1

    1. Define price elasticity of demand.

    2. Explain the difference between elastic and inelastic demand.

    3. If price elasticity of demand is 0.4, what does that indicate?

    4. What is the formula for measuring price elasticity of demand?

    5. Would the demand for alcohol be elastic or inelastic? Explain why.

    6. Would the demand for orange juice be elastic or inelastic? Explain why.
    7. What is the midpoint method for measuring elasticity?

    8. Draw a perfectly elastic demand curve.

    9. Draw a relatively inelastic demand curve.

    10. Explain the following statement: If all petrol stations increased their petrol prices by 10%, demand would be
    inelastic. But if BP was the only company to increase their prices by 10%, its demand would be elastic.

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