Economics - Microeconomics - Price elasticity of demand - PED Calculations
6 calculation problems. Q1: 'Price rises 10%, quantity demanded falls 20%. PED = ___' (-2, elastic). Q2: 'Price rises 20%, quantity demanded falls 5%. PED = ___' (-0.25, inelastic). Q3: 'PED = -1.5. If price rises by 10%, quantity demanded changes by ___' (-15%). Q4: 'A good with PED = -0.3 has ___