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1.3 Price determination in a competitive market

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Question 70

Extract C states that expenditure on premium digital subscription services by young professionals 'is highly responsive to variations in their disposable income.'

Calculate the income elasticity of demand for premium digital subscription services if an increase in the average monthly disposable income from £3,200 to £3,840 leads to an increase in the quantity demanded of these services of 13%.

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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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