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1.2.3 Price, income and cross elasticities of demand

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Question 31

Market for Dairy Alternatives in the UK

Elasticity MeasureValue
Price elasticity of demand (PED) for oat milk-1.25
Cross price elasticity of demand (XED) for almond milk in response to a price change in oat milk+0.48

The price of oat milk increases by 8%. Ceteris paribus, calculate the percentage change in the quantity demanded for oat milk. You are advised to show your working.

[2]
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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