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1.3 Price determination in a competitive market

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Question 64

The table below shows the estimated price elasticity of demand (PED) facing different consumer services:

Standard broadband plansPremium coffee subscriptionsPrescription medication deliveryRide-hailing services
-0.8-2.4-0.2-1.6

If the consumer subscription price charged for each of these services is reduced by 8%, which service would see the greatest proportionate increase in its total sales revenue?

A

Standard broadband plans

B

Premium coffee subscriptions

C

Prescription medication delivery

D

Ride-hailing services

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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