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1.2.3 Price, income and cross elasticities of demand

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Question 23

Micro-Mobility Services in Metro City

Elasticity MeasureValue
Price elasticity of demand (PED) for e-scooter rentals-1.6
Cross price elasticity of demand (XED) for public bicycle rentals in response to a price change in e-scooter rentals+0.45

The price of e-scooter rentals decreases by 15%. Ceteris paribus, calculate the percentage change in the quantity demanded for e-scooter rentals. You are advised to show your working.

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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