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ICSE Class 10 Theory of Demand & Elasticity — practice questions — page 4

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 91–98 of 98.

Match linear curve: 1. Upper: p. Elastic 2. Mid: q. Unit point 3. Lower: r. InelasticRead the answer and worked solution →Match point elast: 1. Point: p. Calc 2. Slope: q. dQ by dP 3. Spot: r. ExactRead the answer and worked solution →Match Cournot role: 1. Cournot: p. 1838 2. Prior: q. Marshall 3. Small: r. ChangesRead the answer and worked solution →Match MR relation: 1. Pos MR: p. Elastic 2. Mid MR: q. Unit e 3. Neg MR: r. InelastRead the answer and worked solution →Match income spent: 1. Large: p. Elastic 2. Small: q. Low elast 3. Share: r. BudgetRead the answer and worked solution →Match Ricardo view: 1. David: p. Luxury 2. Cap: q. Saved 3. Tax: r. IncomeRead the answer and worked solution →Match scale concepts: 1. Scale: p. Total 2. Output: q. Percent 3. Ratio: r. ElasticRead the answer and worked solution →Match short habit: 1. Need: p. Short run 2. Adapt: q. Living 3. Long: r. ElasticRead the answer and worked solution →

Worked practice questions

Match linear curve: 1. Upper: p. Elastic 2. Mid: q. Unit point 3. Lower: r. Inelastic

  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

Along a straight downward-sloping linear demand curve, elasticity declines continuously from elastic at the top to inelastic at the base.

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Match point elast: 1. Point: p. Calc 2. Slope: q. dQ by dP 3. Spot: r. Exact

  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

Point elasticity evaluates responsiveness at an infinitesimal point on the curve using the derivative dQ/dP multiplied by P/Q.

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Match Cournot role: 1. Cournot: p. 1838 2. Prior: q. Marshall 3. Small: r. Changes

  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

Cournot implicitly formulated demand elasticity relations in 1838 before Marshall explicitly named and generalized the concept.

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