A climbing centre changes its entry charge per visit. All other factors affecting bookings remain unchanged. The table shows the number of bookings planned by consumers each week before and after the change.
| Before | After | |
|---|---|---|
| Entry charge per visit | £8 | £10 |
| Bookings planned per week | 2,500 | 2,000 |
Calculate the price elasticity of demand for the centre's bookings. Give your answer to 1 decimal place and state whether demand is price elastic or price inelastic.
236 exam-style questions on AQA GCSE Economics 1.3 How prices are determined, covering 1.3.1a Demand and the factors that influence it, 1.3.1b The demand curve, 1.3.2a Supply and the factors that influence it, 1.3.2b The supply curve, 1.3.3a Determining equilibrium price, 1.3.3b Applying diagrams and showing revenue, 1.3.4a Complements and substitutes, 1.3.4b Effects of changes on related markets, 1.3.5a Price elasticity of demand, 1.3.5b Factors affecting price elasticity of demand, 1.3.5c Measuring PED and its implications, 1.3.6a Price elasticity of supply, 1.3.6b Factors affecting price elasticity of supply, and 1.3.6c Measuring PES and its implications. Each one has a worked solution and a mark scheme showing where the marks go.