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1.2.3 Price, income and cross elasticities of demand

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Question 47

Following an excess supply of coffee beans, average retail coffee prices have fallen by 15% over the last six months.

What is the expected percentage change in the quantity of coffee demanded if the price elasticity of demand is -0.4?

−0.6%-0.6\%−0.6%

+0.6%+0.6\%+0.6%

−6%-6\%−6%

+6%+6\%+6%

1.2.3 Price, income and cross elasticities of demand Questions

  1. A Level
  2. /Economics
  3. /1.2.3 Price, income and cross elasticities of demand