The price elasticity of demand for petrol used by car drivers in an economy is estimated to be -0.2
Which of the following is the likely reason for the low PED?
- a tax on petrol
- cycle lanes on many roads
- few bus and rail services
- low household incomes
1
Expert's answer
2018-06-08T15:00:08-0400
- few bus and rail services Low PED is caused by the absence (or lack) of the substitute goods. Bus and rail services are the substitutes of driving.
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