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1.2.3 Price, income and cross elasticities of demand

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Question 47

Following an excess supply of coffee beans, average retail coffee prices have fallen by 15% over the last six months.

What is the expected percentage change in the quantity of coffee demanded if the price elasticity of demand is -0.4?

$−0.6%-0.6\%$

$+0.6%+0.6\%$

$−6%-6\%$

$+6%+6\%$

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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