Quiz: PED and Total Revenue (Including Calculations)
Pearson Edexcel Level 3 Advanced GCE in Economics A (9EC0)
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Building on what you've learned about elasticity, let's test your understanding of price elasticity of demand (PED) and its relationship with total revenue!
What does a PED value of -0.5 indicate?
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Which of the following are true about inelastic demand? (Select all that apply)
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When demand is elastic, an increase in {{blank0}} causes total revenue to {{blank1}}.
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Match the items on the left with their correct pairs on the right
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If a product has elastic demand and its price decreases, what happens to total revenue?
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Match the items on the left with their correct pairs on the right
If the price of a good increases from £10 to £12 and quantity demanded decreases from 200 units to 190 units, what is the PED?
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Which factors can make demand more elastic? (Select all that apply)
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