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1.2.3 Price, income and cross elasticities of demand

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Question 40

Average weekly allowance for children aged 5 to 11 years:

2021: £8.00
2023: £9.20

In the UK, 'Junior Fruit-drops' are a popular sweet bought by children in this age group. The income elasticity of demand (YED) for Junior Fruit-drops is estimated to be -0.2.

Calculate the percentage change in quantity demanded for Junior Fruit-drops between 2021 and 2023, ceteris paribus.

$−0.3%-0.3\%$

$−1.5%-1.5\%$

$−3.0%-3.0\%$

$−30.0%-30.0\%$

Markscheme

1.2.3 Price, income and cross elasticities of demand Questions

A Level
Economics
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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