3.

If the price of petrol increases from 70 pence to 77 pence per litre, and as a result the quantity d

P1 70 % change in P
P2 77 % change 9.52380952 9.54
Average = 73.5
Q1 1000 70 0.0524109
Q2 995
% change in Q
% change 0.50125313 0.5
Average = 997.5
995

Price elasticity of demand 0.05263158

10
0.00502513

Question 5 P1 1 % change in P -133.333333

P2 0.2 average 0.6
Q1 50 % change in Q 33.3333333
Q2 70 average 60

-0.25

x/10 = 0,25
x =2,5 % change in Q
sult the quantity demanded decreases from 1000 to 995 litres, the price elasticity of demand is what?

-80
40

-0.5
f demand is what?
Revenue QxP