These are: Consumer Income: The income of the consumer also affects the elasticity of demand. Apart from the price, there are several other factors that influence the elasticity of demand. 2. Some of the worksheets for this concept are Supply and demand infographic supplemental activity, Demand and supply its what economics is about lesson plan, Work, Price elasticity of demand example questions, Demand shift work, Supply and demand work, Cci04102014, Chapter 4 demand work. The quiz can be downloaded here (in pdf format) along with a quiz with answers included. Thus, the price elasticity of demand of this firm’s product is high. This lesson worksheet / quiz provides multiple choice, short answer and fill in the blank questions covering price elasticity of demand.
For high-income groups, the demand is said to be less elastic as the rise or fall in the price will not have much effect on the demand for a product. The Determinants of Price Elasticity of Demand by Jason Welker In this second lesson on elasticity we’ll outline the factors that affect the relative price elasticity of demand for a good, summarized by the useful acronym “SPLAT”.
If a product has many close substitutes, for example, fast food, then people tend to react strongly to a price increase of one firm’s fast food. Price Elasticity Of Demand. Quiz and answers Price_Elasticity_Demand_Key.pdf

Displaying top 8 worksheets found for - Determinants Of Demand. Price Elasticity Of Demand - Displaying top 8 worksheets found for this concept.. Determinants of Elasticity of Demand. The availability of close substitutes. The three determinants of price elasticity of demand are: 1. Quiz Price_Elasticity_Demand.pdf. Determinants Of Demand.