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O-LevelEconomicsThe allocation of resources2281/12 · Oct/Nov 2018 · Q71 Mark

The table shows the demand and supply for spices in a market in Africa. When the price rises from US20 to US30 per kg, what is the price elasticity of demand (PED) for spices?

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A0.25
B0.5
C1.0
D2.0

✓ Correct answer

B: 0.5

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About this question

Topic
The allocation of resources, O-Level Economics (syllabus 2281). Multiple choice, 1 mark.
Source
O-Level Economics, Oct/Nov 2018 Paper 1 Variant 2, question 7.

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