What is the price elasticity of demand for oranges (using average price and average quantity) when the price of oranges changes from £200 to £160 per ton and so the quantity demanded changes from 1000 to 1400 tons?
Select ONE answer:
- 10.00
- 0.67
- 0.10
- 1.50
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 4
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