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1.2.3 Price, income and cross elasticities of demand

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Question 19

A market research firm calculates that the income elasticity of demand (YEDYEDYED) for a supermarket's own-brand instant coffee is -0.35. What does this value indicate about the demand for this product?

A

Income elastic and an inferior good

B

Income inelastic and an inferior good

C

Income inelastic and a normal good

D

Income elastic and a normal good

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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