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1.3 Price determination in a competitive market

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Question 57

An economy in which average consumer incomes have risen by 6% has seen the demand for public bus travel fall by 15%. It can be concluded from this that the income elasticity of demand for public bus travel is

A

+2.5+2.5+2.5

B

−2.5-2.5−2.5

C

+0.4+0.4+0.4

D

−0.4-0.4−0.4

Markscheme

1.3 Price determination in a competitive market Questions

  1. A Level
  2. /Economics
  3. /1.3 Price determination in a competitive market

256 exam-style questions on AQA A Level Economics 1.3 Price determination in a competitive market, covering 1.3.1 The determinants of the demand for goods and services, 1.3.2 Price, income and cross elasticities of demand, 1.3.3 The determinants of the supply of goods and services, 1.3.4 Price elasticity of supply, 1.3.5 The determination of equilibrium market prices, and 1.3.6 The interrelationship between markets. Each one has a worked solution and a mark scheme showing where the marks go.

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