Cameroon GCE A-Level Economics Practice Questions - Cameroon General Certificate Of Education Advanced Level - Economics (0725) Exam

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When the price of a standard bag of cement in Yaoundé increases from 4,000 FCFA to 5,000 FCFA, the quantity demanded decreases from 120 bags to 80 bags per day. Using the midpoint (arc) formula, what is the price elasticity of demand ($PED$)?

-0.56 -1.80 -1.25 -2.25

Correct Answer:

-1.80

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