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Economics (AS & A Level) · May / June 2023 · Paper 12 · Question 14

9708Price elasticity, income elasticity and cross elasticity of demand

In the diagram, area OP1M1Q1 is equal to area OP2M2Q2. What is the value of the price elasticity of demand if the price is halved from P1 to P2?

  1. A–1
  2. B–0.5
  3. Czero
  4. Dinfinity

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Correct answer: A. –1

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