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1.2.3 Price, income and cross elasticities of demand

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Question 36

Table 1: Price elasticity of demand for rail season tickets

Commuter ClassPrice elasticity of demand
Peak Commuter-0.3
Off-Peak Leisure-0.9

In 2023, the standard weekly rail season ticket was £45.50. Rail season ticket prices increased by 6.2% in 2024.

Ceteris paribus, which one of the following is the percentage decrease in the demand for season tickets by Peak Commuters?

A

0.05

B

1.86

C

5.58

D

20.67

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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