Skip to content
MathsGenie logo
Quick links
Open app

Course home

  1. A Level
  3. Economics Edexcel A
  5. Question bank

1.2.3 Price, income and cross elasticities of demand

EasyMediumHard
1234567891011121314151617181920212223242526272829303132333435363738394041424344454647484950515253
Question 24

The Urban Transit Market in Metro City

Price elasticity of demand for ride-sharing trips-1.80
Cross price elasticity of demand for public subway journeys in response to a price change in ride-sharing trips+0.40

The price of ride-sharing trips decreases by 15%. Ceteris paribus, calculate the percentage change in the quantity demanded for public subway journeys. You are advised to show your working.

[2]

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