The topic of the questions in this test are based on standard introductory level microeconomics textbook. For my class I am using Krugman & Wells’ Economics textbook. This test is based on theory provided in Topic 6: Elasticity. There are 30 questions in this test. You have maximum of 5 minutes to answer each question. Good luck! Note 1: Unless instructions state differently, the questions in this exam require using following formula to calculate the price elasticity of demand: PED={(Q2-Q1)/Q1}:{(P2-P1)/P1}. If question requires using midpoint formula, it will be explicitly noted. Note 2: When reporting the price elasticity of demand, we will ignore the negative sign and will report the absolute value.

Economics, Microeconomics, Introductory Microeconomics, Elasticity, Price Elasticity of Demand, Elasticity of Supply, Elasticity and Total Revenue, Income Elasticity, Cross-price Elasticity