Question : The price elasticity of demand is calculated as the:

Option 1: Percentage change in quantity demanded divided by the percentage change in price.

Option 2: Percentage change in price divided by the percentage change in quantity demanded.

Option 3: Total change in quantity demanded divided by the total change in price.

Option 4: Total change in price divided by the total change in quantity demanded.

Question : Which of the following is an assumption made while drawing the demand curve
a:The demand curve must be linear
b:The price of substitutes should not change
c: The quantity demanded should not change
d: The price of the commodity should not change

Option 1: A and B 

Option 2: B only

Option 3: A, B and C only

Option 4: A, B, C and D all

Question : The price elasticity of demand is calculated as the percentage change in:

Option 1: Price divided by the percentage change in quantity demanded

Option 2: Quantity demanded divided by the percentage change in price

Option 3: Quantity demanded divided by the percentage change in income

Option 4: Price divided by the percentage change in income

Question : EXCEPT for the one, the following are the causes of a shift in demand:
A: Change in income
B: Change in price
C: Change in prices of substitutes
D: Change in fashion
 

Option 1: B only

Option 2: B and C only 

Option 3: A, B, and C only

Option 4: A, B, C, and D 

Question : The quantity demanded of a good or service divided by the price change in percentage form the price elasticity of demand.

Option 1: The difference between the changes in the quantity required and the percent change in revenue.

 

Option 2: The difference between the percentage change in revenue and the percentage changes in the quantity requested.
 

Option 3: The % change in the amount demanded of a product divided by the percentage change in the quantity required of a good, a change in the cost of the item

Option 4: All of the above