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1.3 Price determination in a competitive market

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Question 107

To calculate the percentage change in the quantity demanded of a good following a change in consumer income, the income elasticity of demand should be

A

divided by the percentage change in income.

B

divided by the percentage change in quantity demanded.

C

multiplied by the percentage change in income.

D

multiplied by the percentage change in quantity demanded.

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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