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1.2.3 Price, income and cross elasticities of demand

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Question 49

Premium Coffee Market in the UK

Price elasticity of demand for premium organic coffee-1.80
Cross price elasticity of demand for independent brand coffee pods in response to a price change in premium organic coffee+1.60

The price of premium organic coffee decreases by 7.5%. Ceteris paribus, calculate the percentage change in the quantity demanded for independent brand coffee pods. You are advised to show your working.

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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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