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1.2.3 Price, income and cross elasticities of demand

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Question 25

The marketing team for 'AeroGlide', a premium carbon-fiber bicycle manufacturer, determines that the price elasticity of demand (PED) for their custom road bikes is price inelastic.

Explain the likely impact on AeroGlide's total revenue if the company decides to reduce the retail price of these custom road bikes.

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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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