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Economics · Oct / Nov 2019 · Paper 13 · Question 7

2281Price elasticity of demand (PED)

Price elasticity of demand (PED) measures the responsiveness of demand to a change in price. It can differ for different goods. For which good is the PED most elastic according to the table?

  1. Abutter
  2. Bcars
  3. Cfurniture
  4. Dpetrol

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Correct answer: A. butter

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