1.2 How markets work

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Question 28

The average weekly disposable income of UK university students changed as follows:

2022: £48.00
2024: £42.00

'Value Brand Instant Noodles' are a popular budget food purchased by students. The income elasticity of demand (YED) for these instant noodles is estimated to be -0.8.

Calculate the percentage change in quantity demanded for Value Brand Instant Noodles between 2022 and 2024, ceteris paribus:

$+15.6%+15.6\%$

$+10.0%+10.0\%$

$−10.0%-10.0\%$

$+11.4%+11.4\%$

1.2 How markets work Questions

A Level
Economics
1.2 How markets work

A Level
Economics Edexcel A
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