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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\%−0.06%

−6.0%-6.0\%−6.0%

+6.0%+6.0\%+6.0%

−10.7%-10.7\%−10.7%

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