2017 PED Paper 3 HL
(e) Calculate the PED when the price falls from $10 to $8.
The percentage change in the Qd is from 12 to 24 or a 100% increase while the % change in the price was a decrease of 20%.
PED = -5 or 5 either answer was accepted but its best to understand that PED = absolute value so in this instance I would have answered PED = 5 (very elastic)
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