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1.2.3 Price, income and cross elasticities of demand

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Question 7

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\%+15.6%

+10.0%+10.0\%+10.0%

−10.0%-10.0\%−10.0%

+11.4%+11.4\%+11.4%

1.2.3 Price, income and cross elasticities of demand Questions

  1. A Level
  2. /Economics
  3. /1.2.3 Price, income and cross elasticities of demand