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Economics · Oct / Nov 2021 · Paper 13 · Question 8

2281Price elasticity of demand (PED)

The diagram shows the demand curve for rice. What is the price elasticity of demand (PED) for rice as price increases from $1.0 to $1.5 per kilo?

  1. A0
  2. B1
  3. Cless than 1
  4. Dgreater than 1

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Correct answer: C. less than 1

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