Discussion
Which of the following is not a method of measuring price elasticity of demand ?
Answer: C
The one that is not a method is the Psychological method.
Price elasticity of demand is measured by the ratio or percentage method (percentage change in quantity divided by percentage change in price), the total outlay or expenditure method (how total spending changes with price), the point or geometrical method (on a demand curve) and the arc method.
There is no 'psychological method' of measuring elasticity, so it is the odd one out.
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