The table below shows the price and weekly quantity demanded for games consoles and virtual reality (VR) headsets.
| Price of Consoles | Quantity of Consoles demanded | Quantity of VR Headsets demanded |
|---|---|---|
| $400 | 500 | 150 |
| $480 | 400 | 105 |
The cross elasticity of demand for VR headsets with respect to the price of consoles when the price of consoles rises from $400 to $480 is:
+1.5+1.5+1.5
−1.5-1.5−1.5
−1.0-1.0−1.0
−0.67-0.67−0.67
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.