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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?

0.05

1.86

5.58

20.67

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