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Tag: Unit 1

Quiz Answers

Posted on 27/12/2012 by Rhys Williams

1. PED = %Change in QD / %Change in Price 2. The price elasticity of demand is the responsiveness (how they change their demand) of consumers to a change in the price of a good. 3. The good is inelastic 4. Perfectly Elastic = -Infinite; Perfectly Inelastic = 0; Unit Elastic = 1; A value Read more about Quiz Answers[…]

Posted in MicroEconomicsTagged Answers, Quiz, Unit 1Leave a comment

Unit 1 Quiz: Microeconomics (Basics)

Posted on 27/12/201227/12/2012 by Rhys Williams

I have created a quiz for the Edexcel Unit 1 Exam; you won’t be asked these questions in the exam, but you need to know the answers. The answers are in a separate blog post (see here). 1. How do you calculate PED? 2. Define PED 3. If the value produced by a PED calculation Read more about Unit 1 Quiz: Microeconomics (Basics)[…]

Posted in MicroEconomicsTagged Quiz, Unit 1Leave a comment

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