Economics 2281 · O Level · Price elasticity of demand (PED)

Price elasticity of demand (PED) — practice question

As the price of meat rose from $5 to $6 per kg, Joe cut the amount of meat he bought from 40 kg to 20 kg each month. What was Joe’s price elasticity of demand for meat?

  • A0.4
  • B2.0
  • C2.5
  • D20

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