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Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA BT – FIA FBT › Exam kit

  • This topic has 1 reply, 2 voices, and was last updated 6 years ago by Ken Garrett.
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  • July 19, 2018 at 9:48 am #463827
    myacca101
    Member
    • Topics: 6
    • Replies: 3
    • ☆

    Question:
    The current selling price of X has raised from $1 to $1.50, annual demand will drop from 100,000 units to 90,000 units.
    The price elasticity of demand is mentioned as 0.2 in solution.
    Please explain how 0.2 is the asnwer.

    July 19, 2018 at 11:31 am #463844
    Ken Garrett
    Keymaster
    • Topics: 10
    • Replies: 10594
    • ☆☆☆☆☆

    Proportional rise in price = 50%

    Proportional fall in volume = 10%

    10/50 = 0.2

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