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1.2.3 Price, income and cross elasticities of demand

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Question 50

Table 1: Cross elasticity of demand for streaming service subscriptions

Subscriber PlanCross elasticity of demand with respect to broadband price
Premium Plan-0.15
Basic Plan-0.80

In 2024, the standard monthly price of residential broadband was £38.50. Broadband provider prices are scheduled to increase by 7.5% in 2025.

Ceteris paribus, which one of the following is the percentage decrease in the demand for Premium Plan subscriptions?

0.020.020.02

1.1251.1251.125

6.006.006.00

50.0050.0050.00

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