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1.2.3 Price, income and cross elasticities of demand

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Question 2
63%

An artisanal bespoke perfume brand experiences a sharp contraction in sales volume following a general decline in consumer incomes.

Which of the following is the most likely value for the income elasticity of demand (YED) for this luxury product?

A

−2.50-2.50−2.50

B

−0.60-0.60−0.60

C

+0.60+0.60+0.60

D

+2.50+2.50+2.50

Markscheme

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

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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