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ICSE Class 10 Theory of Demand & Elasticity — practice questions — page 3

Explore 98 free Theory of Demand & Elasticity questions in ICSE Class 10 Economics. Open each question or exercise to read its content, reference answers and available explanation.

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Theory of Demand & Elasticity questions and exercises with answers

Showing questions 61–90 of 98.

Match complement math: 1. Cross: p. Coeff 2. Sign: q. Negative 3. Joint: r. Car fuelRead the answer and worked solution →Match substitute math: 1. Sign: p. Positive 2. Price: q. Rival up 3. Demand: r. ExpandsRead the answer and worked solution →Match Giffen rules: 1. Good: p. Inferior 2. Size: q. Big budget 3. Sub: r. Weak choiceRead the answer and worked solution →Match demand factors: 1. Income: p. Earnings 2. Tastes: q. Fashion 3. Size: r. HeadcountRead the answer and worked solution →Match future prices: 1. Future: p. Price up 2. Today: q. Buy more 3. Panic: r. HoardingRead the answer and worked solution →Match curve formulas: 1. Direct: p. Q of P 2. Inverse: q. P of Q 3. Slope: r. NegativeRead the answer and worked solution →Match demand roots: 1. Davenant: p. 1699 2. King: q. Wheat crop 3. Law: r. StatedRead the answer and worked solution →Match Giffen famine: 1. Irish: p. 19th cent 2. Crop: q. Potato 3. Meat: r. High costRead the answer and worked solution →Match Veblen goods: 1. Veblen: p. Quality 2. Class: q. Leisure 3. Show: r. PrestigeRead the answer and worked solution →Match linear math: 1. Line: p. Constant m 2. Eq: q. Q is a - bP 3. Slope: r. NegativeRead the answer and worked solution →Match inelastic limits: 1. Curve: p. Vertical 2. Drug: q. Insulin 3. Qty: r. ConstantRead the answer and worked solution →Match basic goods: 1. Salt: p. Essential 2. Cost: q. Low share 3. Need: r. Fixed qtyRead the answer and worked solution →Match stock trading: 1. Trend: p. Upward 2. Buyers: q. Hot hand 3. Market: r. SharesRead the answer and worked solution →Match ceteris rule: 1. Ceteris: p. Paribus 2. Hold: q. Constant 3. Qty: r. InverseRead the answer and worked solution →Match elasticity tiers: 1. High: p. Over one 2. Low: q. Sub one 3. Unit: r. Exact oneRead the answer and worked solution →Match demand response: 1. P: p. Pct rise 2. Q: q. Pct drop 3. Ed: r. RatioRead the answer and worked solution →Match substitute role: 1. Many: p. High elast 2. Few: q. Low elast 3. Metal: r. InelasticRead the answer and worked solution →Match product traits: 1. Need: p. Inelastic 2. Luxury: q. Elastic 3. Life: r. SurvivalRead the answer and worked solution →Match budget share: 1. High: p. Elastic 2. Low: q. Inelastic 3. Spend: r. IncomeRead the answer and worked solution →Match time horizons: 1. Short: p. Inelastic 2. Long: q. Elastic 3. Adapt: r. ChoiceRead the answer and worked solution →Match market scope: 1. Broad: p. Inelastic 2. Food: q. Category 3. Brand: r. ElasticRead the answer and worked solution →Match founder roots: 1. Alfred: p. 1890 2. Idea: q. Elastic 3. Term: r. CoeffRead the answer and worked solution →Match revenue rules: 1. High: p. Cut price 2. Low: q. Cut fall 3. Unit: r. UnchangedRead the answer and worked solution →Match formula parts: 1. Top: p. Qty percent 2. Base: q. Pct price 3. Ed: r. Ratio coeffRead the answer and worked solution →Match max revenue: 1. Top: p. Unit elast 2. MR: q. Zero gain 3. Peak: r. MaximumRead the answer and worked solution →Match cross demand: 1. Cross: p. Alt price 2. Sub: q. Positive 3. Joint: r. NegativeRead the answer and worked solution →Match two effects: 1. Price: p. Unit gain 2. Qty: q. Sold volume 3. Net: r. RevenueRead the answer and worked solution →Match arc elasticity: 1. Mid: p. Average 2. Dalton: q. Pioneer 3. Arc: r. Two pointsRead the answer and worked solution →Match income types: 1. Normal: p. Positive 2. Bad: q. Negative 3. Luxury: r. Over oneRead the answer and worked solution →Match tax burden: 1. Inelast: p. Buyer 2. Elastic: q. Seller 3. Levy: r. BurdenRead the answer and worked solution →

Worked practice questions

Match complement math: 1. Cross: p. Coeff 2. Sign: q. Negative 3. Joint: r. Car fuel

  1. 1-p, 2-q, 3-r
  2. 1-p, 2-r, 3-q
  3. 1-q, 2-p, 3-r
  4. 1-r, 2-p, 3-q
Show answer and solution

Correct answer: A. 1-p, 2-q, 3-r

Complementary goods have a negative cross-price effect in demand functions because price hikes in one reduce demand for both.

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Match substitute math: 1. Sign: p. Positive 2. Price: q. Rival up 3. Demand: r. Expands

  1. 1-p, 2-q, 3-r
  2. 1-p, 2-r, 3-q
  3. 1-q, 2-p, 3-r
  4. 1-r, 2-p, 3-q
Show answer and solution

Correct answer: A. 1-p, 2-q, 3-r

Substitute goods exhibit a positive cross-price coefficient because a price hike in a rival good increases demand for the alternative.

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Match Giffen rules: 1. Good: p. Inferior 2. Size: q. Big budget 3. Sub: r. Weak choice

  1. 1-p, 2-q, 3-r
  2. 1-p, 2-r, 3-q
  3. 1-q, 2-p, 3-r
  4. 1-r, 2-p, 3-q
Show answer and solution

Correct answer: A. 1-p, 2-q, 3-r

A Giffen good must be strongly inferior and consume a large budget share so the negative income effect outweighs substitution.

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