European Baccalaureate Economics Practice Questions - European Baccalaureate Economics Exam

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If the price of a product increases by 10% and quantity demanded falls by 15%, what is the price elasticity of demand (PED)?

-0.67 (Inelastic) -1.50 (Elastic) -1.00 (Unitary elastic) -0.15 (Perfectly inelastic)

Correct Answer:

-1.50 (Elastic)

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