Economics (AS & A Level) · Feb / March 2021 · Paper 12 · Question 13
9708Price elasticity, income elasticity and cross elasticity of demand
What is used to calculate the price elasticity of demand?
- A\frac{\text{change in price}}{\text{change in quantity demanded}}
- B\frac{\text{change in quantity demanded}}{\text{change in price}}
- C\frac{\text{percentage change in price}}{\text{percentage change in quantity demanded}}
- D\frac{\text{percentage change in quantity demanded}}{\text{percentage change in price}}
As printed in the paper
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Correct answer: D. \frac{\text{percentage change in quantity demanded}}{\text{percentage change in price}}
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