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cause.","correct":true,"explanation":"Elasticity measures responsiveness by comparing the percentage change in quantity demanded with the percentage change in the factor causing that change, such as price or income."},{"text":"The percentage change in price with the percentage change in quantity demanded.","correct":false,"explanation":"This reverses the comparison and describes the reciprocal relationship rather than the stated elasticity of demand. Elasticity of demand compares the percentage change in quantity demanded with the percentage change in its cause."},{"text":"The absolute change in quantity demanded with the absolute change in its cause.","correct":false,"explanation":"Using absolute changes ignores differences in units and scale, so it is not elasticity. The correct measure compares the percentage change in quantity demanded with the percentage change in its cause."},{"text":"The percentage change in total revenue with the percentage change in quantity supplied.","correct":false,"explanation":"Total revenue and quantity supplied are not the two changes used to define elasticity of demand. The correct comparison is the percentage change in quantity demanded against the percentage change in its cause."}]},{"id":"9f8f4ecd-b5d7-4e38-9f2a-52967ed1a7b3","cardType":"basic","points":1,"front":"State the formula for price elasticity of demand (PED).","back":"$$$PED = \\dfrac{\\%\\Delta Q_d}{\\%\\Delta P}$$","mcqOptions":[{"text":"$$$PED = \\dfrac{\\%\\Delta Q_d}{\\%\\Delta P}$$","correct":true,"explanation":"PED measures the responsiveness of quantity demanded to a change in price, so it divides the percentage change in quantity demanded by the percentage change in price."},{"text":"$$$PED = \\dfrac{\\%\\Delta P}{\\%\\Delta Q_d}$$","correct":false,"explanation":"This reverses the numerator and denominator, producing the reciprocal of PED. The correct formula places the percentage change in quantity demanded over the percentage change in price."},{"text":"$$$PED = \\dfrac{\\%\\Delta Q_s}{\\%\\Delta P}$$","correct":false,"explanation":"Quantity supplied belongs in the formula for price elasticity of supply, not demand. PED uses the percentage change in quantity demanded divided by the percentage change in price."},{"text":"$$$PED = \\dfrac{\\%\\Delta Q_d}{\\%\\Delta Y}$$","correct":false,"explanation":"Income is the cause measured by YED, not PED. Price elasticity of demand divides the percentage change in quantity demanded by the percentage change in price."}]},{"id":"11fa8a79-f6e5-419a-a359-289928e3c445","cardType":"basic","points":1,"front":"State the formula for income elasticity of demand (YED).","back":"$$$YED = \\dfrac{\\%\\Delta Q_d}{\\%\\Delta Y}$$","mcqOptions":[{"text":"$$$YED = \\dfrac{\\%\\Delta Q_d}{\\%\\Delta Y}$$","correct":true,"explanation":"YED measures how responsive quantity demanded is to changes in income, so it divides the percentage change in quantity demanded by the percentage change in income."},{"text":"$$$YED = \\dfrac{\\%\\Delta Y}{\\%\\Delta Q_d}$$","correct":false,"explanation":"This reverses the relationship and gives the reciprocal of YED. The correct formula puts the percentage change in quantity demanded in the numerator and income in the denominator."},{"text":"$$$YED = \\dfrac{\\%\\Delta Q_d}{\\%\\Delta P}$$","correct":false,"explanation":"Price is the determinant used in PED, not YED. Income elasticity of demand divides the percentage change in quantity demanded by the percentage change in income."},{"text":"$$$YED = \\dfrac{\\%\\Delta Q_s}{\\%\\Delta Y}$$","correct":false,"explanation":"YED concerns consumers' quantity demanded, not producers' quantity supplied. The correct formula uses the percentage change in quantity demanded divided by the percentage change in income."}]},{"id":"33b7ec2c-f58e-487d-9b7c-bdf45fb4c879","cardType":"basic","points":1,"front":"State the formula for cross elasticity of demand (XED).","back":"$$$XED = \\dfrac{\\%\\Delta Q_{dA}}{\\%\\Delta P_B}$$","mcqOptions":[{"text":"$$$XED = \\dfrac{\\%\\Delta Q_{dA}}{\\%\\Delta P_B}$$","correct":true,"explanation":"XED measures how a change in good B's price affects demand for good A, so it divides the percentage change in quantity demanded of A by the percentage change in price of B."},{"text":"$$$XED = \\dfrac{\\%\\Delta Q_{dB}}{\\%\\Delta P_A}$$","correct":false,"explanation":"This swaps the roles of the two goods. The standard expression measures the change in quantity demanded of A caused by the change in price of B."},{"text":"$$$XED = \\dfrac{\\%\\Delta P_B}{\\%\\Delta Q_{dA}}$$","correct":false,"explanation":"This reverses the numerator and denominator, giving a reciprocal relationship. XED places the percentage change in demand for A over the percentage change in price of B."},{"text":"$$$XED = \\dfrac{\\%\\Delta Q_{dA}}{\\%\\Delta Y}$$","correct":false,"explanation":"Income is used in the YED formula, whereas XED examines the effect of another good's price. The correct denominator is the percentage change in price of B."}]},{"id":"f396f560-2482-4570-be19-0a5108f9936d","cardType":"basic","points":2,"front":"A 10% rise in petrol's price cuts quantity demanded by 4%. Calculate PED.","back":"$$$PED = \\dfrac{-4\\%}{+10\\%} = -0.4$$","mcqOptions":[{"text":"$$$PED = \\dfrac{-4\\%}{+10\\%} = -0.4$$","correct":true,"explanation":"PED is calculated as the percentage change in quantity demanded divided by the percentage change in price. The fall is negative and the price rise positive, giving -0.4."},{"text":"$$$PED = \\dfrac{+4\\%}{+10\\%} = 0.4$$","correct":false,"explanation":"This loses the negative sign caused by the fall in quantity demanded. The correct calculation is -4% divided by +10%, giving PED of -0.4."},{"text":"$$$PED = \\dfrac{-10\\%}{+4\\%} = -2.5$$","correct":false,"explanation":"The percentage changes have been reversed, making price the numerator and quantity demanded the denominator. PED requires quantity demanded over price, which gives -0.4 here."},{"text":"$$$PED = \\dfrac{-4\\%}{-10\\%} = 0.4$$","correct":false,"explanation":"The price increased, so its percentage change is positive, not negative. Using -10% incorrectly removes the expected negative relationship; the correct result is -0.4."}]},{"id":"4817a8ac-20ca-494a-bc63-43d2212f2ae4","cardType":"basic","points":3,"front":"How is PED classified using the size of its coefficient?","back":"

Below 1: relatively inelastic
Exactly 1: unitary elastic
Above 1: relatively elastic

","mcqOptions":[{"text":"

Below 1: relatively inelastic
Exactly 1: unitary elastic
Above 1: relatively elastic

","correct":true,"explanation":"The coefficient's absolute size shows responsiveness: below 1 means quantity changes proportionately less, exactly 1 means equal proportionate changes, and above 1 means quantity changes more."},{"text":"

Below 1: relatively elastic
Exactly 1: unitary elastic
Above 1: relatively inelastic

","correct":false,"explanation":"The labels below and above 1 are reversed. A coefficient below 1 is relatively inelastic, while a coefficient above 1 is relatively elastic; exactly 1 remains unitary elastic."},{"text":"

Below 1: unitary elastic
Exactly 1: relatively inelastic
Above 1: relatively elastic

","correct":false,"explanation":"Unitary elasticity occurs only when the coefficient equals exactly 1. Below 1 is relatively inelastic, and above 1 is relatively elastic."},{"text":"

Below 1: relatively inelastic
Exactly 1: relatively elastic
Above 1: unitary elastic

","correct":false,"explanation":"The classifications for exactly 1 and above 1 have been confused. Exactly 1 is unitary elastic, whereas a coefficient above 1 is relatively elastic."}]},{"id":"9f5a0f30-cfdf-446c-b6ba-ce280cf41a71","cardType":"basic","points":1,"front":"What does a positive YED indicate?","back":"The good is a normal good: demand rises as real income rises.","mcqOptions":[{"text":"The good is a normal good: demand rises as real income rises.","correct":true,"explanation":"A positive YED means quantity demanded and real income move in the same direction. Therefore, demand for the good increases when real income increases."},{"text":"The good is an inferior good: demand falls as real income rises.","correct":false,"explanation":"This describes negative YED, where demand falls as income rises. Positive YED indicates a normal good, whose demand increases when real income increases."},{"text":"The good is a normal good: demand falls as real income rises.","correct":false,"explanation":"The classification is right, but the relationship is reversed. For a normal good, positive YED means demand rises as real income rises."},{"text":"The good is a luxury good: demand is unchanged as real income rises.","correct":false,"explanation":"Unchanged demand would imply zero YED, not positive YED. Positive YED means the good is normal and its demand rises as real income rises."}]},{"id":"e85c4159-ae57-4f8a-a840-7d3b03ced7c8","cardType":"basic","points":1,"front":"What does a negative YED indicate?","back":"The good is inferior: demand falls as real income rises.","mcqOptions":[{"text":"The good is inferior: demand falls as real income rises.","correct":true,"explanation":"Negative YED means income and quantity demanded move in opposite directions. As real income rises, consumers buy less of an inferior good."},{"text":"The good is normal: demand rises as real income rises.","correct":false,"explanation":"This is the definition of positive YED, not negative YED. A negative YED identifies an inferior good, for which demand falls as real income rises."},{"text":"The good is inferior: demand rises as real income rises.","correct":false,"explanation":"The label is correct, but the direction is reversed. Inferior goods have negative YED because their demand falls when real income increases."},{"text":"The good is complementary: demand falls as its price rises.","correct":false,"explanation":"Complementarity concerns XED and the relationship between two goods, not income. Negative YED specifically means the good is inferior and demand falls as real income rises."}]},{"id":"00df90ef-4d5a-456d-83d9-cd90bb0520e6","cardType":"basic","points":2,"front":"What does a positive XED indicate about two goods?","back":"They are substitutes: a rise in one good's price raises demand for the other.","mcqOptions":[{"text":"They are substitutes: a rise in one good's price raises demand for the other.","correct":true,"explanation":"Positive XED means the goods' prices and the other's demand move in the same direction. A higher price for one makes consumers switch towards its substitute."},{"text":"They are complements: a rise in one good's price raises demand for the other.","correct":false,"explanation":"Complements have negative XED: a higher price for one reduces demand for the other. Positive XED instead indicates substitutes, whose demand rises when the other becomes more expensive."},{"text":"They are substitutes: a rise in one good's price lowers demand for the other.","correct":false,"explanation":"The goods are substitutes, but the effect has been reversed. When one substitute becomes more expensive, demand for the other generally rises."},{"text":"They are unrelated goods: a rise in one good's price leaves demand for the other unchanged.","correct":false,"explanation":"Unrelated goods have an XED close to zero, not a positive XED. A positive value indicates substitutes because demand for one rises when the other's price rises."}]},{"id":"95777a68-d986-49b7-a19b-c0a4c988bfb5","cardType":"basic","points":2,"front":"Why does the availability of close substitutes make PED more elastic?","back":"Buyers can switch easily when the good's price changes.","mcqOptions":[{"text":"Buyers can switch easily when the good's price changes.","correct":true,"explanation":"Close substitutes give consumers practical alternatives, so a price rise causes a relatively large fall in quantity demanded as buyers switch to another product."},{"text":"Buyers are unable to switch when the good's price changes.","correct":false,"explanation":"Inability to switch is characteristic of few or no close substitutes and makes demand more inelastic. Close substitutes make switching easy, increasing PED."},{"text":"Sellers can reduce supply quickly when the good's price changes.","correct":false,"explanation":"This concerns supply responsiveness rather than demand elasticity. Close substitutes affect consumers' choices, allowing buyers to switch easily when price changes."},{"text":"Buyers will increase loyalty when the good's price changes.","correct":false,"explanation":"Greater loyalty would reduce consumers' responsiveness to price, making demand more inelastic. Close substitutes instead allow buyers to switch easily and make PED more elastic."}]},{"id":"055cdbd8-915b-4cba-ad45-dcb60823a5c1","cardType":"basic","points":2,"front":"Why does demand generally become more elastic over a longer time period?","back":"Buyers have more time to find alternatives and change their purchasing habits.","mcqOptions":[{"text":"Buyers have more time to find alternatives and change their purchasing habits.","correct":true,"explanation":"Over a longer period, consumers can search for substitutes, adjust routines and replace durable goods. These additional responses make quantity demanded more sensitive to price."},{"text":"Buyers have less time to find alternatives and change their purchasing habits.","correct":false,"explanation":"Less time limits consumers' ability to adjust and usually makes demand more inelastic. Demand becomes more elastic over time because buyers have more time to find alternatives."},{"text":"Sellers have more time to increase supply and change production methods.","correct":false,"explanation":"That describes why supply may become more elastic, not demand. Demand generally becomes more elastic because consumers gain time to find alternatives and change habits."},{"text":"Buyers have more time to ignore price changes and maintain their purchasing habits.","correct":false,"explanation":"Maintaining purchases despite price changes would make demand less elastic. Over time, buyers usually respond more strongly because they can find alternatives and alter habits."}]},{"id":"86fce49a-e92d-44ab-b601-52d6484082e8","cardType":"basic","points":1,"front":"State the formula for total revenue.","back":"$$$TR = P \\times Q$$","mcqOptions":[{"text":"$$$TR = P \\times Q$$","correct":true,"explanation":"Total revenue is the amount received from sales, calculated by multiplying the price per unit by the quantity sold."},{"text":"$$$TR = P + Q$$","correct":false,"explanation":"Adding price and quantity combines unlike measures and does not calculate sales revenue. Total revenue is found by multiplying price per unit by quantity sold."},{"text":"$$$TR = \\dfrac{P}{Q}$$","correct":false,"explanation":"Dividing price by quantity does not represent the money received from all units sold. Total revenue equals price multiplied by quantity."},{"text":"$$$TR = P \\times Q_d^2$$","correct":false,"explanation":"Squaring quantity is an unwarranted calculation slip and would exaggerate revenue. Total revenue uses the actual quantity sold once: price multiplied by quantity."}]},{"id":"e394bc93-e932-4de0-92c7-252fd8760b33","cardType":"basic","points":2,"front":"What happens to total revenue when the price of an inelastic good rises?","back":"Total revenue rises, because quantity demanded falls proportionately less than price rises.","mcqOptions":[{"text":"Total revenue rises, because quantity demanded falls proportionately less than price rises.","correct":true,"explanation":"With inelastic demand, the percentage fall in quantity demanded is smaller than the percentage rise in price. The price effect therefore dominates and total revenue increases."},{"text":"Total revenue falls, because quantity demanded falls proportionately less than price rises.","correct":false,"explanation":"The stated quantity response is inelastic, so it cannot produce falling revenue when price rises. Because quantity falls proportionately less than price, total revenue rises."},{"text":"Total revenue rises, because quantity demanded falls proportionately more than price rises.","correct":false,"explanation":"A quantity fall proportionately greater than the price rise describes elastic demand and would reduce revenue. For inelastic demand, quantity demanded falls proportionately less, so revenue rises."},{"text":"Total revenue stays unchanged, because quantity demanded falls proportionately less than price rises.","correct":false,"explanation":"Unchanged total revenue occurs with unitary elasticity, where the percentage changes are equal. Inelastic demand means quantity falls less than price rises, causing revenue to increase."}]},{"id":"f88e0b15-dc53-4d0f-844b-33ef5d107719","cardType":"basic","points":2,"front":"Why does government tax goods with inelastic demand?","back":"

Consumption falls only a little.
The tax raises large, stable revenue.

","mcqOptions":[{"text":"

Consumption falls only a little.
The tax raises large, stable revenue.

","correct":true,"explanation":"Inelastic demand changes little after a tax, so consumption remains relatively high. The government can therefore collect substantial and predictable revenue from many sales."},{"text":"

Consumption falls a lot.
The tax raises large, stable revenue.

","correct":false,"explanation":"A large fall in consumption is associated with elastic demand, not inelastic demand. Inelastic goods see consumption fall only a little, while tax revenue remains large and stable."},{"text":"

Consumption falls only a little.
The tax raises small, unstable revenue.

","correct":false,"explanation":"The first point is correct, but inelastic demand makes the tax base relatively dependable. The tax therefore raises large, stable revenue rather than small, unstable revenue."},{"text":"

Consumption falls a lot.
The tax raises small, unstable revenue.

","correct":false,"explanation":"Both effects describe a highly elastic tax base, where consumers sharply reduce purchases. With inelastic demand, consumption falls only a little and revenue is large and stable."}]},{"id":"596cf0c8-535a-4be3-b165-c3aa2f8f4571","cardType":"basic","points":3,"front":"How can high-YED and inferior goods behave differently over the economic cycle?","back":"

High-YED luxuries: boom in an upturn and suffer in a downturn.
Inferior goods: show the reverse pattern.

","mcqOptions":[{"text":"

High-YED luxuries: boom in an upturn and suffer in a downturn.
Inferior goods: show the reverse pattern.

","correct":true,"explanation":"High-YED luxury demand is especially sensitive to income, rising strongly during booms and falling during downturns. Inferior goods gain demand when incomes weaken, so their cycle is reversed."},{"text":"

High-YED luxuries: suffer in an upturn and boom in a downturn.
Inferior goods: show the reverse pattern.

","correct":false,"explanation":"The luxury pattern is reversed: high-YED goods usually benefit from rising incomes in an upturn and suffer when incomes fall in a downturn. Inferior goods show the opposite."},{"text":"

High-YED luxuries: boom in an upturn and suffer in a downturn.
Normal goods: show the reverse pattern.

","correct":false,"explanation":"The first pattern is correct, but normal goods generally rise with income rather than showing the reverse cycle. Inferior goods, whose demand falls as income rises, show the reverse pattern."},{"text":"

High-YED luxuries: remain stable through the economic cycle.
Inferior goods: show the reverse pattern.

","correct":false,"explanation":"High YED means luxury demand is highly responsive to income, so it should not remain stable. It booms in an upturn and suffers in a downturn, while inferior goods reverse this pattern."}]},{"id":"d897b23f-fe70-486b-ab58-329acb368f48","cardType":"cloze","points":null,"front":"When demand is elastic, a price rise causes total revenue to [ ] because quantity demanded falls proportionately more than price.","back":"When demand is elastic, a price rise causes total revenue to fall because quantity demanded falls proportionately more than price.","mcqOptions":[{"text":"fall","correct":true,"explanation":"When demand is elastic, quantity demanded falls proportionately more than price rises. The loss from selling fewer units outweighs the gain from the higher price, so total revenue falls."},{"text":"rise","correct":false,"explanation":"A rise in total revenue occurs when demand is inelastic, because quantity demanded falls proportionately less than price rises. With elastic demand, the larger quantity reduction makes revenue fall."},{"text":"remain unchanged","correct":false,"explanation":"Unchanged total revenue occurs when demand is unitary elastic, with equal proportionate changes in price and quantity. Elastic demand causes quantity demanded to fall more, reducing total revenue."},{"text":"fluctuate randomly","correct":false,"explanation":"The revenue effect is determined by the elasticity relationship, not random variation. Because quantity demanded falls proportionately more than price rises, total revenue falls when demand is elastic."}]},{"id":"b38e3d6b-a2ff-4a16-8405-62f706a6ea8d","cardType":"cloze","points":null,"front":"Elasticity estimates can mislead because they shift when new substitutes appear, habits change, or the [ ] changes.","back":"Elasticity estimates can mislead because they shift when new substitutes appear, habits change, or the time horizon changes.","mcqOptions":[{"text":"time horizon","correct":true,"explanation":"Elasticity can vary between the short run and long run because consumers and firms have more time to adjust their behaviour, find substitutes, and respond to changing conditions."},{"text":"price level","correct":false,"explanation":"A changing price level may affect demand, but it is not the factor identified here as making elasticity estimates shift over different periods. The correct term is “time horizon”, because adjustment opportunities increase over time."},{"text":"market share","correct":false,"explanation":"Market share describes a firm’s or product’s proportion of total sales, not the period over which demand is measured. The correct term is “time horizon”, since elasticity changes as consumers have longer to adjust."},{"text":"production costs","correct":false,"explanation":"Production costs influence supply and firms’ pricing decisions rather than explaining why demand elasticity estimates differ across periods. The correct term is “time horizon”, because habits and substitution can change with more time."}]}]}],"examCountdown":{"examDate":"2027-05-10","paperLabel":"Paper 1"},"heading":"1.2.3 Price, income and cross elasticities of demand","title":"1.2.3 Price, income and cross elasticities of demand Flashcards","topbar":{"backHref":"/a-level/economics/edexcel/a/flashcards"},"topicSidebar":"$L39"}]}],"topicId":"05e38abe-b66d-50be-bcbe-f7c2fb87d1d3","walled":"$L3a"}],"$L3b","$L3c"]