Economics · Oct / Nov 2024 · Paper 13 · Question 7
2281Price elasticity of demand (PED)
When the price of meat increased from $5 to $6 per kg, Joe decreased his purchase of meat from 40kg to 20kg a month. What was Joe's price elasticity of demand for meat?
- A0.4
- B2.0
- C2.5
- D20
As printed in the paper
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Correct answer: C. 2.5
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