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1.3 Price determination in a competitive market

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Question 8

All other things being equal, when the equilibrium price of wireless headphones in a market rises from £40 to £50, the quantity demanded falls from 5 million units to 3 million units. Therefore, the value of the price elasticity of demand is

−1.6-1.6−1.6

−0.625-0.625−0.625

+1.6+1.6+1.6

+0.625+0.625+0.625

1.3 Price determination in a competitive market Questions

  1. A Level
  2. /Economics
  3. /1.3 Price determination in a competitive market