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1.2.3 Price, income and cross elasticities of demand

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Question 34

Gas-condensing boilers and air-source heat pumps are considered to be substitute heating systems for residential properties. Explain how an increase in the price of gas-condensing boilers may affect the demand for air-source heat pumps over time.

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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