Complete the elasticity formula

Exercise and reference answers

Missing parts

1. Answer

   quantity demanded

   Choices

   1. quantity demanded
   2. total revenue
   3. income

2. Answer

   price

   Choices

   1. price
   2. quantity
   3. wages

3. Answer

   elastic

   Choices

   1. inelastic
   2. elastic
   3. unitary

Complete the statement

Price elasticity of demand is the percentage change in {0} divided by the percentage change in {1}. A value above one means demand is {2}.

Instructions

Tap a term for each blank to complete the price elasticity of demand formula.

Explanation