Question 10
If the price of petrol increases by 10% and quantity demanded falls by only 3%, the PED ratio is approximately:
3.33 — elastic
0.3 — inelastic
1.0 — unit elastic
10.0 — perfectly elastic
Question 10: If the price of petrol increases by 10% and quantity dem…
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Correct answer
0.3 — inelastic
Question 10 of 23 in the IIT Madras BS Business Data Management (BDM) Quiz 1 paper sat on 19 Jul 2026, in the May 2026 term (Business Data Management 16 Jul 26). It carries 2 marks.
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