When the price of a movie ticket increases from £5 to £7, the number of tickets demanded decreases from 600 to 400 a day. What is the price elasticity of demand for movie tickets?
Select ONE answer:
- 2.32
- 0.83
- 1.20
- 1.00
Show your workings to arrive at your answer, and explain and justify your reasons:
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This is multiple choice question is suitable for Economics KS5 classes.
The answer is 3
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