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1.2.3 Price, income and cross elasticities of demand

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Question 26

The average monthly disposable income of undergraduate students at a UK university increased from £400 in 2022 to £432 in 2024. For this group of students, the income elasticity of demand (YED) for 'Saver Brand Instant Coffee' is estimated to be -0.75.

Calculate the percentage change in the quantity demanded for Saver Brand Instant Coffee, ceteris paribus.

$−0.06%-0.06\%$

$−6.0%-6.0\%$

$+6.0%+6.0\%$

$−10.7%-10.7\%$

Markscheme

1.2.3 Price, income and cross elasticities of demand Questions

A Level
Economics
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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