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AS Economics - I can't remember the method to this question... Watch

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    (feel free to recategorise)

    Hi.

    Can someone show me what one would do to find the answer on this question please?

    Thank you.
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    Edit: Duh, wrong way round. It's been a long day of essay writing. :rolleyes:

    % change in demand / % change in price
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    (Original post by Potally_Tissed)
    % change in price / % change in demand
    I know that part, but how exactly would I use it in this situation?
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    Hey I did this question today, I believe the answer's D

    Demand falls by 10%

    Price increases by 14/10 = 40%

    -10/40 = -0.25
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    (Original post by dnumberwang)
    Hey I did this question today, I believe the answer's D

    Demand falls by 10%

    Price increases by 14/10 = 40%

    -10/40 = -0.25
    Ah, excellent. Thank you very much!
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    (Original post by dnumberwang)
    Hey I did this question today, I believe the answer's D

    Demand falls by 10%

    Price increases by 14/10 = 40%

    -10/40 = -0.25
    This.
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    (Original post by Mr Inquisitive)
    I know that part, but how exactly would I use it in this situation?
    Ignore that one, I got price and demand the wrong way around. Re-read my post.

    Demand falls by 10%, you're given that in the question, so -10%.
    Price increases from 10 to 14, so a change of +40%.

    PED = -10/+40 = -0.25
 
 
 
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