According to industry market data, the average weekly price of a premium family meal-kit subscription rose from £48.00 to £55.20 due to rising logistics and packaging costs.
If the quantity demanded for these subscriptions fell by 11.8% over the same period, calculate the price elasticity of demand (PED) for this meal-kit service, giving your answer to two decimal places.
256 exam-style questions on AQA A Level Economics 1.3 Price determination in a competitive market, covering 1.3.1 The determinants of the demand for goods and services, 1.3.2 Price, income and cross elasticities of demand, 1.3.3 The determinants of the supply of goods and services, 1.3.4 Price elasticity of supply, 1.3.5 The determination of equilibrium market prices, and 1.3.6 The interrelationship between markets. Each one has a worked solution and a mark scheme showing where the marks go.