Equations - Demand, Supply and Market Equilibrium.

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1. What is the equation for measuring elasticity?

  • % change in Qd / % change in supply
  • (% change in Qd / % change in supply) x 100
  • % change in Qd / % change in P
  • (% change in Qd / % change in P) x100
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2. What is the equation for percentage change?

  • The change / the old value
  • The old value / the new value
  • (The change / the old value) x 100
  • (The old value / the new value) x 100

3. What is the equation for cross price elasticity?

  • % change in output / % change in price of related good
  • (% change in Qd / % change in price of related good) x100
  • % change in Qd / % change in price of related good.
  • (% change in price of related good / output) x 100

4. What is the equation for income elasticity?

  • % change in income / % change in Qd
  • % change in Qd / % change in income
  • (% change in Qd / % change in income) x 100
  • (% change in income / % change in Qd) x 100

5. What is the equation for price elasticity of demand?

  • % change in quantity demanded / % change in price
  • % change in price / the old price
  • ( % change in price /the old price) x 100
  • (% change in quantity demanded / % change in price) x 100

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