The table below shows the price and quantity demanded for two goods, A and B.
| Price of A | Quantity of A demanded | Quantity of B demanded |
|---|---|---|
| £50 | 100 | 40 |
| £40 | 130 | 16 |
The cross elasticity of demand for B with respect to the price of A when the price of A falls from £50 to £40 is:
−3-3−3
−1.5-1.5−1.5
+1.5+1.5+1.5
+3+3+3
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.