A tech accessories kiosk has experimented with changing the prices of various items sold in their shop. The table below shows the prices per item across two years.
| Item | Year 1 | Year 2 |
|---|---|---|
| Phone Cases | £12 | £18 |
| Wireless Earbuds | £50 | £40 |
| Charging Cables | £10 | £14 |
| Screen Protectors | £15 | £12 |
Other things being equal, which one of the following changes from Year 1 to Year 2 is the retailer most likely to experience?
A decrease in revenue from Phone Cases if the price elasticity of demand is minus one
An increase in revenue from Wireless Earbuds if the price elasticity of demand is inelastic
A decrease in revenue from Charging Cables if the price elasticity of demand is elastic
A decrease in revenue from Screen Protectors if the price elasticity of demand is elastic
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.