Name:
ÖZEL İHSAN ATAKENT ANADOLU LİSESİ
ELECTIVE ECONOMICS QUIZ
Please choose and answer ONLY ONE of the questions below. Depending on your choice, solve
either question 1 or question 2. Do NOT answer both.
1. Assume that the price of a good is currently $10 and the quantity demanded is 100 units. After a price
increase to $12, the quantity demanded decreases to 80 units.
a.
b.
c.
d.
e.
Calculate the Price Elasticity of Demand (PED).
Assess whether the product is elastic, inelastic, or unit elastic.
In the initial scenario, what is the total revenue? (when the price is $10)
In the second scenario, what is the total revenue? (when the price is $12)
Explain the relationship between PED and total revenue.
2. In the table below, you will find values for quantity, total utility (TU), and marginal utility (MU) for product X.
Quantity
Total Utility
Marginal Utility
1
20
….....
2
35
….....
3
….....
10
4
……..
5
5
53
….....
a. Calculate the missing TU and MU values based on the provided information and
complete the blanks.
b. Determine the total utility (TU) of consuming three units of product X.
c. Draw a properly labeled diagram that includes TU and MU lines.