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1.2.3 Price, income and cross elasticities of demand

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Question 62

Following an increase in municipal parking fees by 15%, a city transit authority wants to estimate the impact on subway ridership. The cross elasticity of demand (XED) between parking fees and subway ridership is +0.6.

What is the expected percentage change in subway ridership?

$−9%-9\%$

$+9%+9\%$

$+25%+25\%$

$−25%-25\%$

Markscheme

1.2.3 Price, income and cross elasticities of demand Questions

A Level
Economics
1.2.3 Price, income and cross elasticities of demand

119 exam-style questions on Edexcel A A Level Economics 1.2.3 Price, income and cross elasticities of demand. Each one has a worked solution and a mark scheme showing where the marks go.

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