Part 1[3]
Refer to Table 2. Calculate the price elasticity of demand for a change in price from $8 to $6 per hour.
Business 9609 · AS & A Level · The marketing mix
The marketing mix — practice question
Worked solution & mark scheme
This 3-mark question has a full step-by-step worked solution and mark scheme. One marking point: “Correct working: % change in QD = (5/50)×100 = 10%; % change in P = (2/8)×100 = 25%; PED = 10/25 = 0.4 (inelastic). The answer is usually written as 0.4 (minus sign not required).” …
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