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1.3 Price determination in a competitive market

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Question 2

The income elasticity of demand for organic vegetables is estimated to be +1.6. If average household incomes fall by 5%, what is the expected percentage change in the quantity demanded of organic vegetables?

A

−8.0%-8.0\%−8.0%

B

+8.0%+8.0\%+8.0%

C

−3.1%-3.1\%−3.1%

D

+3.1%+3.1\%+3.1%

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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