VWO Economie Practice Questions - Netherlands VWO Economie - Centraal Examen And Schoolexamen

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A smartphone manufacturer raises prices from €100 to €120 (+20%). As a result, quantity demanded falls from 500 units to 400 units (-20%). What is the price elasticity of demand?

-0.5 -1.0 -2.0 +1.0

Correct Answer:

-1.0

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