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O-LevelEconomicsThe allocation of resources2281/13 · Oct/Nov 2024 · Q71 Mark

When the price of meat increased from $5 to $6 per kg, Joe decreased his purchase of meat from 40 kg to 20 kg a month. What was Joe's price elasticity of demand for meat?

A0.4

B2.0

C2.5

D20

✓ Correct answer

C: 2.5

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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 2024 Paper 1 Variant 3, question 7.

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