ACTIVITY - 4 Objective type questions: 1. The concept of elasticity of demand was developed by- SU a. Alfred Marshall, b. Adam Smith, C. L. Robbins, d. None of these. 2. The responsiveness (or percentage change) of quantity demanded of a commodity to one percentage change in its price is known as- a. Elasticity of demand, b. Elasticity of supply, c. Law of demand d. Law of supply. 3. The formula for calculation of price elasticity of demand, e, is- a. EGE!" d. En =(#). 4. The coefficient of elasticity of demand ranges from- a. Zero to one, b. Zero to infinity, c. One to infinity, d. None 5. If the price of a good falls, the total outlay or expenditure of consumers on the good rises when b. =1, d21, C. d. 1=0. 6. The price elasticity of demand between two points on a demand curve is known as = a. Point elasticity of demand, b. Arc elasticity of demand, c. Cross price elasticity d. Income elasticity of demand. 7. The formula for arc elasticity is: b. ( ) (1+2) 49 [P1-12) d. None of these. 8. Geometric method is used to find out the - Worksheets of Acdivides In SSE 208 - Microeconomics for Social Studies Teachers a. Point elasticity of demand, b. Arc elasticity of demand, c. Cross price elasticity, d. Income elasticity of demand.9. The relationship between price elasticity and revenue is = PAR AR a. ed AR-MR d. em AR 10. The percentage change in quantity demanded due to percentage change in income is known as = a. Point elasticity of demand, b. Income elasticity of demand, c. Cross price elasticity, d. Arc elasticity of demand. 11. A quantitative measure of the effect on the quantity demanded of a good (x) due to change in the price of other good (y) is known as- a. Point elasticity of demand, b. Income elasticity of demand, C. Cross price elasticity, d. Arc elasticity of demand. 12. Which one is not correctly matched: Term used Coefficient of elasticity of demand a. Perfectly inelastic demand: b. Perfectly elastic demand: II. B> 1 C. Elastic demand: III E > 1 d. Inelastic demand