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1.2.3 Price, income and cross elasticities of demand

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Question 28

Table 1: Price elasticity of demand for EV rapid charging services

Customer GroupPrice elasticity of demand
Private Recreational EV Owners-1.4
Commercial Ride-Share Drivers-0.4

Explain one likely reason for the difference in the price elasticity of demand for EV rapid charging services between Private Recreational EV Owners and Commercial Ride-Share Drivers.

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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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