VCE Economics Practice Questions - VCE Economics (Units 3 & 4) Exam

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When the price of a café's organic coffee increases from $4.00 to $4.80, the quantity demanded per day decreases from 200 cups to 140 cups. What is the Price Elasticity of Demand (PED) for this coffee?

0.67 (inelastic demand) 1.00 (unit elastic demand) 1.50 (elastic demand) 2.50 (highly elastic demand)

Correct Answer:

1.50 (elastic demand)

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