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1.3 Price determination in a competitive market

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Question 83

The income elasticity of demand for supermarket own-brand cola is -0.8.

Weekly sales of the own-brand cola are 45 000 45\,000\,45000 litres.

If household incomes fall by 3%, then the new weekly sales of own-brand cola would be:

A

43 920 litres

B

45 080 litres

C

46 080 litres

D

55 800 litres

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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