Quiz Week 4

In the following questions, choose the correct answer.  

Recall that Price Elasticity of Demand (Ed) is the % change in quantity demanded divided by the % change in price, where:

Ed > 1 is elastic, Ed < 1 inelastic, Ed = 1 unit elastic

Note that we use the absolute value in stating Ed.

You have 60 minutes to answer the 5 questions.