The income elasticity of demand for budget brand white bread is estimated to be -0.8.
This implies that:
a 10% increase in its price will lead to an 8% decrease in demand
as household incomes fall, consumers will buy less budget brand white bread
budget brand white bread has a negative cross elasticity of demand compared to branded bread
budget brand white bread is an inferior good
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.