Two rival petrol stations, SwiftGas and GoFuel, are located directly opposite each other on a busy commuter road, both selling standard unleaded fuel at approximately £1.48 per litre.
Which one of the following is the most likely cross-price elasticity of demand (XEDXEDXED) for these highly interchangeable goods?
+5.6+5.6+5.6
+0.2+0.2+0.2
−0.2-0.2−0.2
−5.6-5.6−5.6
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.