In this question you’ll see a lettered description of a particular situation involving PED. In each case try to match the letter for the description with the number (i) to (v) representing the correct term. Descriptions (a) A 5% fall in the price of lager leads to a 3% expansion in the amount of lager consumed. (b) A 10% rise in the price of books leads to a 15% contraction in the number of books purchased. (c) A 6% fall in the price of package tours leads to a 6% expansion in the number of package tours purchased. (d) An infinitely small percentage change in the price of wheat leads to an infinitely large percentage change in world demand for wheat. (e) A 10% rise in the price of kidney transplants in private sector hospitals leads to no change in demand for these transplants.  

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Sep 13, 2020

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