CBSE Class 12 Micro Economics Price Elasticity of Demand Worksheet

MICRO ECONOMICS
PRICE ELASTICITY OF DEMAND

Question. For goods with unitelastic demand —
(a) Aq > Ap
(b) Aq = Ap
(c) Aq < Ap
(d) Aq = 1
Answer: B

Question. If the demand for the good is perfectly inelastic, the Demand Curve will be —
(a) Horizontal Line
(b) Vertical Line 
(c) Rectangular Hyperbola
(d) Downward Sloping to the right
Answer: B

Question. The Elasticity of Substitution between two Perfect Substitutes is —
(a) Zero
(b) Greater than zero
(c) Less than infinity
(d) Infinite
Answer: D

Question. For goods with perfectly inelastic demand —
(a) Ap > Aq
(b) Ap = Aq
(c) Ap = 0
(d) Aq = 0
Answer: D

Question. Price Elasticity of Demand is defined as the responsiveness of —
(a) Price to a change in quantity demanded
(b) Quantity demanded to a Change in Price
(c) Price to a Change in Income
(d) Quantity demanded to a change in income
Answer: B

Question. Demand for which of the following products is/are relatively inelastic?
(a) Water
(b) Electricity
(c) Movie Tickets
(d) Both (a) and (b)
Answer: D

Question. Which of the following products has highly inelastic demand?
(a) Jewellery
(b) Imported sofa set
(c) Salt
(d) Sports car
Answer: C

Question. Goods having higher proportion of the Consumers' spending are —
(a) Less Elastic
(b) Unit Elastic
(c) More Elastic
(d) Zero Elastic
Answer: C

Question. The Elasticity at a given point on a Demand Curve is known as -
(a) Point Elasticity
(b) Income Elasticity
(c) Arc Elasticity
(d) Cross Elasticity
Answer: A

Question. Elasticity of Demand refers to —
(a) The responsiveness of the quantity demanded of a commodity, to changes in one of the variables on which demand depends.
(b) The percentage change in quantity demanded, divided by the percentage change in one of the factors on which demand depends.
(c) Both (a) and (b)
(d) Neither (a) nor (b)
Answer: C

Question. Goods which are required for immediate or urgent consumption are —
(a) Less Elastic
(b) Unit Elastic
(c) More Elastic
(d) Zero Elastic
Answer: A

Question. Goods having lower share in the Consumers' Budget are —
(a) Less Elastic
(b) Unit Elastic
(c) More Elastic
(d) Zero Elastic
Answer: A

Question. Which of the following statements is true with regard to the elasticity of demand?
(a) The elasticity of demand remains same, both in short run and in long run
(b) Demand is more elastic in the short run than in long run
(c) Demand is more inelastic in the long run than in short run
Answer: D

Question. Salt is to price changes than Motor Car.
(a) Less Elastic
(b) Unit Elastic
(c) More Elastic
(d) Zero Elastic
Answer: A

Question. Elasticity of Demand is measured in case of —
(a) Changes in Price of the Commodity
(b) Changes in Incomes of the Consumers
(c) Changes in Prices of related commodities
(d) All of the above
Answer: D

Question. Goods in respect of which the Consumers have more time to adjust or modify their consumption pattern are —
(a) Less Elastic
(b) Unit Elastic
(c) More Elastic
(d) Zero Elastic
Answer: C

Question. Goods in respect of which the Consumers do not have time to adjust their consumption pattern are —
(a) Less Elastic
(b) Unit Elastic
(c) More Elastic
(d) Zero Elastic
Answer: A

Question. Goods in respect of which the use or consumption can be postponed are —
(a) Less Elastic
(b) Unit Elastic
(c) More Elastic
(d) Zero Elastic
Answer: C

Question. A Store has a special offer on CDs. It reduces the price from ! 150 to ! 100. The Store Manager observes that the quantity demanded increases from 700 CDs to 1,400 CDs. What is the Price Elasticity of Demand for CDs?
(a) 0.8
(b) 3.0
(c) 1 . 25
(d) 1 . 50
Answer: B

Question. Medicines have less elastic demand since —
(a) They have alternative uses
(b) They have to be used immediately, and their purchase and use cannot be delayed
(c) There are fewer substitutes available
(d) All of the above
Answer: B

Question. What would be the value of elasticity of demand, if the demand for the good is perfectly inelastic?
(a) 0
(b) 1
(c) Infinity
(d) Less than 0
Answer: A

Question. Price Elasticity of Demand for a product is —
(a) Change in the quantity demanded of the product when price increases by 30%
(b) Percentage increase in the quantity demanded of the product when the price falls by 1%
(c) Increase in the demand for the product when its price falls by 10%
(d) Decrease in the quantity demanded of the product when its price falls by 1%
Answer: B

Question. Suppose the demand for meals at a medium— priced restaurant is elastic. If the management of the restaurant is considering raising prices, it can expect a relatively —
(a) Large fall in quantity demanded
(b) Large fall in demand
(c) Small fall in quantity demanded
(d) Small fall in demand
Answer: A

Question. In the case of a Straight Line Demand Curve meeting the two axes, the Price-Elasticity of Demand at the mid-point of the line would be
(a) 0
(b) 1
(c) 1.5
(d) 2
Answer: B

Question. The price of a commodity decreases form 10 to 8 and the quantity demanded of it increases from 25 to 30 units. Then the coefficient of price elasticity will be
(a) 1
(b) -1
(c) 1.5
(d) -1.5
Answer: B

Question. A demand curve parallel to y-axis implies
(a) Ep= 0
(b) Ep= 1
(c) Ep< 1
(d) Ep> 1
Answer: B

Question. Demand for a product will tend to be more inelastic if it exhibits which of the following characteristics?
(a) The product has many substitutes
(b) The product is a luxury (as opposed to a necessity)
(c) The product is a small part of the Consumer's income
(d) There is a great deal of time for the consumer to adjust to the change in prices
Answer: C

Question. The concept of Elasticity of Demand was developed by —
(a) Alfred Marshall
(b) Edwin Cannon
(c) Paul Samuelson
(d) Fredric Bonham
Answer: A

Question. Necessary Goods are considered ....... than Luxury Goods.
(a) Less Elastic
(b) Unit Elastic
(c) More Elastic
(d) Zero Elastic
Answer: A

Question. Two important factors which make difference in the Elasticity of Demand for different commodities are
(a) Preferences and Income
(b) Income and Expenditure
(c) Quantity and Price of the Commodity
(d) Tax Rates and Level of Income
Answer: C

Question. Price Elasticity of Demand is given by —
(a) Ap/Aq X q/p
(b) Ap/Aq X p/q
(c) Aq/Ap X q/p
(d) Aq/Ap X p/q
Answer: D

Question. If the demand for the good is perfectly elastic, the Demand Curve will be —
(a) Horizontal Line
(b) Vertical Line
(c) Rectangular Hyperbola
(d) Downward Sloping to the right
Answer: A

Question. Goods which have a specified and particular use are
(a) Less Elastic
(b) Unit Elastic
(c) More Elastic
(d) Zero Elastic
Answer: A

Question. Which of the following statements regarding Elasticity of Demand is true?
(a) Elasticity can be positive or negative
(b) Elasticity always has a negative value
(c) Elasticity always has a positive value
(d) Elasticity can never be zero
Answer: A

Question. Point Elasticity is useful for which of the following situations -
(a) The bookstore is considering doubling the price of notebooks
(b) A restaurant is considering lowering the price of its most expensive dishes by 50%
(c) An automobile producer is interested in determining the response of consumers to the price of cars being lowered by Z 50,000
(d) None of the above
Answer: C

Question. Demand for electricity is elastic because —
(a) It is very expensive.
(b) It has a number of close substitutes.
(c) It has alternative uses.
(d) None of the above.
Answer: C

Question. If a product has perfectly inelastic demand, and there is a change in its price, which of
(a) Percent Change in Quantity demanded will be greater than Percent Change in Price
(b) Percent Change in Quantity demanded will be lesser than Percent Change in Price
(c) Percent Change in Quantity demanded will be equal to Percent Change in Price
(d) Quantity demanded will not change at all
Answer: D

Question. Cellphone is to price changes than Bread.
(a) Less Elastic
(b) Unit Elastic
(c) More Elastic
(d) Zero Elastic
Answer: C

Question. Usually, the demand for Necessities is —
(a) Highly Elastic
(b) Highly Inelastic
(c) Slightly Elastic
(d) Slightly Inelastic
Answer: B

Question. If a product has less elastic demand, and there is a change in its price, which of the following is correct?
(a) Percent Change in Quantity demanded will be greater than Percent Change in Price
(b) Percent Change in Quantity demanded will be lesser than Percent Change in Price
(c) Percent Change in Quantity demanded will be equal to Percent Change in Price
(d) Quantity demanded will not change at all
Answer: A

Question. In the context of Elasticity of Demand, the paradox of plenty relates more to items in the —
(a) Services Sector
(b) Agricultural Sector
(c) Mining Sector
(d) Industrial Sector
Answer: B

Question. Price Elasticity of Demand for addictive products like cigarettes and alcohol would be —
(a) Greater than 1
(b) Less than 1
(c) Infinity
(d) One
Answer: B

Question. If Electricity Demand is inelastic, and electric rates increase, which of the following is likely to occur?
(a) Quantity demanded will fall by a relatively large amount
(b) Quantity demanded will fall by a relatively small amount
(c) Quantity demanded will rise in the short run, but fall in the long run
(d) Quantity demanded will fall in the short run, but rise in the long run
Answer: B

Question. For goods with less elastic demand —
(a) Aq > Ap
(b) Aq = Ap
(c) Aq < Ap
(d) Aq = 1
Answer: C

Question. If the Elasticity of Demand for a commodity is perfectly inelastic, then which of the following is incorrect?
(a) The Commodity must be essential to those who purchase it.
(b) The Commodity must have many substitutes.
(c) The Commodity will be purchased regardless of increase in its price.
(d) The Elasticity of Demand for this Commodity must be equal to zero.
Answer: B

Question. If R point bisects the Demand Curve in two equal parts, then elasticity at R equals -
(a) Ze ro
(b) F i v e
(c) Two
(d) One
Answer: D

Question. For goods with more elastic demand —
(a) Aq > Ap
(c) Aq = Ap
(d) Aq < Ap
(e) Aq = 1
Answer: A

Question. If the demand for the good is less elastic, the Demand Curve will be —
(a) Horizontal Line
(b) Vertical Line
(c) Downward Sloping to the right, flatter
(d) Downward Sloping to the right, steeper
Answer: D

Question. Luxury Goods are considered .......... than Necessity Goods.
(a) Less Elastic
(b) Unit Elastic
(c) More Elastic
(d) Zero Elastic
Answer: C

Question. Goods which have more close or perfect substitutes are
(a) Less Elastic
(b) Unit Elastic
(c) More Elastic
(d) Zero Elastic
Answer: C

Question. If the Income Elasticity is greater than one, the commodity is -
(a) necessity
(b) luxury
(c) Inferior goods
(d) None of these
Answer: B

Question. In Demand—Supply Analysis, if the income of the Consumer increases, the Demand Curve for an inferior good —
(a) Shifts upward to the right
(b) Shifts downward to the left
(c) Shifts upward to the left
(d) Shifts downward to the right
Answer: B

Question. If Consumers always spend 15% of their income on food, then the Income Elasticity of Demand for Food is
(a) 1 .50.
(b) 1 .15.
(c) 1 . 00
(d) 0 .15.
Answer: C

Question. If Income Elasticity < 1, it means that proportion of Income spent on goods , as income of the Consumers increases.
(a) Increases
(b) Decreases
(c) Remains constant
(d) Nothing can be said
Answer: B

Question. For what type of goods does demand fall with rise in income levels of households?
(a) Inferior Goods
(b) Substitutes
(c) Luxuries
(d) Necessities
Answer: A

Question. If quantity demanded does not change as Income changes, then Income Elasticity of Demand is —
(a) Below 1
(b) Above 1
(c) Zero
(d) Between —1 and 0
Answer: C

Question. Necessity is defined as a good having -
(a) Positive Income Elasticity of Demand
(b) Negative Income Elasticity of Demand
(c) Income Elasticity of Demand less than 1.
(d) Price Elasticity of Demand less than 1.
Answer: C 

Question. At a price of Z 300 per month, there are 30,000 subscribers to Cable TV in a Small Town. If the Cable Company raises its price to Z 400 per month, the number of subscribers will fall to 20,000. Using the mid-point method for calculating the elasticity, what is the Price Elasticity of Demand for Cable TV?
(a) 1.4
(b) 0 . 66
(c) 0 . 75
Answer: A

Question. Which of the following is not a determinant of the Advertising Elasticity of Demand?
(a) Effect of Time
(b) Stages of Product
(c) Advertising by Competitors
(d) Income Level of the Consumers
Answer: D

Question. If income increases by 10% and demand increases by 5%, then income elasticity of Dis:
(a) + 0 . 5
(b) 1
(c) -1
(d) - 0 . 05
Answer: A

Question. In measuring Cross Elasticity, is / are considered.
(a) Only one product
(b) Two products
(c) Many products
(d) No products
Answer: B

Question. For a product to be called income elastic, its Income Elasticity has to be —
(a) Below1
(b) Above1
(c) Zero
(d) Between—1 and 0
Answer: B

Question. Concerned about the poor state of the economy, a Car Dealer estimates that if income decreases by 4%, Car Sales will fall from 352 to 335. Consequently, the Income Elasticity of Demand for cars is approximately -
(a) - 1 . 2
(b) 0 . 01
(c) 0.4
(d) 1.2
Answer: D

Question. have a negative Income Elasticity of Demand.
(a) Luxury Goods
(b) Necessities
(c) Normal Goods
(d) Inferior Goods
Answer: D

Question. Goods having Income Elasticity > 1 are considered as -
(a) Luxury Goods
(b) Necessities
(c) Normal Goods
(d) Inferior Goods
Answer: A

Question. What is the elasticity between midpoint & upper extreme point of a straight line continuous demand curve?
(a) Inf inite
(b) Ze ro
(c) >1
(d) <1
Answer: C

Question. Cross Elasticity of Demand for Gel Pen and demand for Gel Pens falls by 30% is equal to —
(a) 0 . 71
(b) + 0.25.
(c) 0 . 19 .
(d) 1 . 5 .
Answer: D

Question. If Income Elasticity for the household for Product A is 2 then A is -
(a) Necessity Item
(b) Inferior Goods
(c) Luxurious Item
(d) Comfortable Item
Answer: C

Question. Income of a household increases by 10%, and the demand for TV rises by 20%. This means that TV is an example of —
(a) Normal Goods
(b) Luxurious Goods
(c) Inferior Goods
(d) Economic Goods
Answer: B

Question. Advertisement Elasticity is also known as
(a) Marketing Elasticity
(b) Promotional Elasticity
(c) Commercial
Answer: B

Question. If Income Elasticity = 1, it means that proportion of Income spent on goods , as income of the Consumers increases.
(a) Increase
(b) Decreases
(c) Remains constant
(d) Nothing can be said
Answer: C

Question. If Goods X and Y are complementary, their Cross Elasticity is —
(a) Infinity
(b) Greater than zero but less than infinity
(c) Zero
(d) Negative
Answer: D

Question. Complementary Goods like tea and sugar have a Cross Elasticity.
(a) Negative
(b) Positive
(c) Zero
(d) Infinite
Answer: A

Question. If the Railways are making losses on passenger traffic, they should lower their fares. The suggested remedy would only work if the demand for Rail Travel had a price elasticity of —
(a) Zero
(b) Greater than zero but less than one.
(c) One
(d) Greater than one
Answer: B

Question. Cross Elasticity between Tea and Sugar is —
(a) Less than 0
(b) Greater than 1
(d) Greater than 0, but less than 1
Answer: A

Question. Goods having negative Cross Elasticity are —
(a) Mostly complementary goods
(b) Always complementary goods
(c) Mostly substitute goods
(d) Always substitute goods
Answer: A

Question. Negative Cross Elasticity always implies that the goods are complementary in nature.
This statement is —
(a) True
(b) False
(c) Partially True
(d) Nothing can be said
Answer: B

Question. Income of a household increases by 5%, and the demand for Bajra falls by 2%. In this case, Bajra is an example of —
(a) Normal Goods
(b) Economic Goods
(c) none of these
Answer: C

Question. Suppose a Consumer's income increases from Z 30,000 to Z 36,000. As a result, the consumer increases her purchases of compact discs (CDs) from 25 CDs to 30 CDs. What is the Income Elasticity of Demand for CDs here?
(a) 0.5
(b) 1.0
(c) 1.5
(d) 2.0
Answer: B

Question. If the quantity of CD demanded increases from 260 to 290 in response to an increase in income from Z 9,000 to Z 9,800, the Income Elasticity of Demand is approximately -
(a) 3.4
(b) 0 .01.
(c) 1.3
(d) 2 . 3 .
Answer: C

Question. Cross Elasticity measures the responsiveness of quantity demanded of a commodity to —
(a) Changes in Price of that Commodity
(b) Changes in Price of other Commodities
(c) Changes in Income Levels of Buyers
(d) All of the above
Answer: B

Question. When Cola Companies Coke and Pepsi, introduced Colas in mini bottles at a low price, the demand for Tea and Coffee is small tea stalls declined drastically. The Cross Elasticity between the Colas and Tea / Coffee is —
(a) Negative
(b) Positive
(c) Zero
(d) Infinite
Answer: B

Question. If two products are good substitutes, the value of Cross Elasticity will be —
(a) Negative
(b) Positive
(c) Ze ro
(d) No Cross Elasticity exists between two substitute products
Answer: B

Question. Goods having positive Cross Elasticity are —
(a) Mostly complementary goods
(b) Always complementary goods
(c) Mostly substitute goods
(d) Always substitute goods
Answer: D

Question. Positive Cross Elasticity always impliesthat the goods are substitute goods. This statement is —
(a) Tru e
(b) False
(c) Partially True
(d) Nothing can be said
Answer: A

Question. The responsiveness of a good's demand to changes in the Firm's spending on advertising is called —
(a) Demand elasticity
(b) Supply elasticity
(c) Advertisement elasticity
(d) None of the above
Answer: C

Question. In order to assess the effect of a change in price of one product on the demand for other products, which type of elasticity is often used?
(a) Cross Elasticity
(b) Income Elasticity
(c) Price Elasticity
(d) Supply Elasticity
Answer: A

Question. Goods having zero Cross Elasticity are —
(a) Complementary goods
(b) Unrelated goods
(c) Substitute goods
(d) All of the above
Answer: B

Question. Cross Elasticity of Demand between Tea and Coffee is
(a) Positive
(b) Negative
(c) Zero
(d) Infinity
Answer: A

Question. If Cross Elasticity of Demand between A and B is Zero, it means that between A and B —
(a) There can be no substitution at all
(b) A can be perfectly substituted for B, and vice—versa.
(c) A and B are Inferior Goods
(d) Nothing can be said
Answer: A

Question. If the quantity demanded of Product X increases from 8 to 12 units in response to an increase in the price of Product Y from Z 23 to Z 27, the Cross Elasticity of Demand for X with respect to Price of Y is approximately —
(a) 0.35 and X and Y are Complements.
(b) 0.35 and X and Y are Substitutes.
(c) 2.5 and X and Y are Complements.
(d) 2.5 and X and Y are Substitutes.
Answer: D

Question. Which of the following is incorrect?
(a) Cross Elasticity of Demand for two substitutes is positive.
(b) Income Elasticity of Demand is the percentage change in quantity demanded of a good due to a change in the price of a substitute.
(c) Cross Elasticity of Demand for two complements is negative.
(d) Price Elasticity of Demand is always negative, except for Giffen Goods.
Answer: B

Question. If an increase in Consumer Incomes leads to a decrease in the demand for Product X, then Product X is -
(a) A Normal Good
(b) A Substitute Good
(c) An Inferior Good
(d) None of the above
Answer: C

Question. If the co—efficient of Cross Elasticity of Demand of X for Y is 3, it means that X and Y are —
(a) Complementary Goods
(b) Substitute Goods
(c) Inferior Goods
(d) Normal Goods
Answer: B

Question. Which of the following is not an incomeelastic product/service?
(a) Air Travel
(b) Entertainment in an Amusement Park
(c) Life-saving Drugs
(d) Meals in a costly restaurant
Answer: C

Question. Income of a household increases by 10%, and the demand for Wheat rises by 5%. This means that Wheat is an example of —
(a) Normal Goods
(b) Luxurious Goods
(c) Inferior Goods
(d) Economic Goods
Answer: A

Use the following data for the next 8 questions.
A Grocery Shop used to sell fresh milk at Z 20 per litre, at which price 400 litres of milk were sold per month. After some time, the price was raised to Z 30 per litre. Following are
the consequences:
• Only 200 litres of milk was sold every month.
• The number of boxes of cereal customers bought went down from 200 to 140.
• The number of packets of powdered milk customers bought went up from 90 to 220 per month.

Question. The Cross Elasticity of Demand for Cereals when the price of Fresh Milk increases from ! 20 to Z 30 is equal to
(a) -0.6
(b) +0.6
(c) -0.19.
(d) +0.38.
Answer: A

Question. What can be said about the Price Elasticity of Demand for Fresh Milk?
(b) It is elastic.
(c) It is perfectly inelastic.
(d) It is inelastic.
Answer: B

Question. We can say that Fresh Milk in economics sense is an example of -
(a) Luxury Goods
(b) Inferior Goods
(c) Normal Goods
(d) Nothing can be said.
Answer: C

Question. What can be said about Fresh Milk & Cereals?
(a) They are Complementary Goods
(b) They are Substitute Goods
(c) They are Unrelated Goods
(d) Nothing can be said
Answer: A

Question. The Cross Elasticity of Demand for Powdered Milk, when the price of Fresh Milk increases from Z 20 to Z 30 per litre is equal to -
(a) +1.05.
(b) -L05.
(c) -2.89.
(d) +2.89
Answer: D

Question. What can be said about Fresh Milk and Powdered Milk?
(a) They are Complementary Goods
(b) They are Substitute Goods
(c) They are Unrelated Goods
(d) Nothing can be said
Answer: B

Question. If Income of the Consumers increases by 50% and the quantity of Fresh Milk demanded increases by 30%. What is Income Elasticity of Demand for Fresh Milk?
(a) 0.5
(b) 0.6
(c) 1.25
(d) 1.50
Answer: B

Question. The Price Elasticity of Demand when fresh milk's price increases from Z 20 per litre to Z 30 per litre is equal to
(a) 2.5
(b) 1.0
(c) 1 . 66
(c) 2 . 66
Answer: B

1. A consumer buys 1000 units of a good at a price of ₹120 per unit. When the price falls he buys 1400 units. If price elasticity is (-) 2, what is the new price?

2. The quantity demanded of a commodity falls by 5 units when its price rises by ₹1 per unit. Its price elasticity of demand is (--) 1.5 Calculate the price before the change if at this price quantity demanded was 60 units.

3. Calculate price elasticity of demand by percentage method.

Price       per unit Demand
₹ 10        0 units
₹ 9          10 units

4. A consumer buys 10 units of a commodity at the price of ₹ 5 per unit. The price elasticity of demand for this good is -2. Price falls to ₹ 4 per unit. How much of this commodity will he buy now at this price?

5. A household buys 30 units of a commodity when its price is ₹5 per unit. The quantity demanded falls to 25 units when the price rises to ₹6 per unit. How much is price elasticity of demand.

6. Price elasticity of demand for a good is –0.75. When its price falls by ₹1 per unit its quantity demanded rises by 4 units. Calculate quantity demanded if the price before the change was ₹12 per unit.

7. At a price ₹ 20 per unit, the quantity demanded for a commodity is 300 units. If price falls by 10%, quantity demanded rises by 60 units. Calculate price elasticity of demand.

8. Price elasticity of demand for a good is (--) 0.5. Its quantity demanded falls by 5 units when its price rises by ₹1 per unit. Calculate quantity demanded if price before the change is ₹5 per unit.

9. A consumer spends ₹90 on a good when its price is ₹9 per unit. When price falls to ₹6 per unit, he spends ₹120 per unit. Calculate price elasticity by percentage method.

10. A consumer spends ₹70 on a good when its price is ₹5 per unit. When the price falls to ₹4 per unit, he spends₹84. Calculate the price elasticity by percentage method.

11. At a price of ₹50 per unit, the quantity demanded of a commodity is 1000units. When its price falls by 10 percent, its quantity demanded rises to 1080 units. Calculate price elasticity of demand. Is its demand inelastic? Give reason.

12. As a result of a fall in the price of a commodity form ₹7/- per kg to ₹5 per kg. The total expenditure on it increases from ₹3500/- to ₹6250. Calculate price elasticity of demand.

13. A consumer spends ₹80/- on a commodity when its price is ₹1/-per unit and spends ₹96 when its price is ₹2/- per unit. What is the price elasticity of demand for the commodity?
 

Please click on below link to download CBSE Class 11 Micro Economics Price Elasticity of Demand Worksheet