In response to municipal water-use restrictions, a boutique plant nursery raised the price of its drought-tolerant agave specimens by 7.5%. Following this price change, the weekly quantity of agave specimens sold fell by 6%.
With reference to the data provided, calculate the price elasticity of demand for these agave specimens. You are advised to show your working.
119 exam-style questions on Edexcel A A Level Economics 1.2.3 Price, income and cross elasticities of demand. Each one has a worked solution and a mark scheme showing where the marks go.