An independent bicycle-repair workshop is preparing its sales forecast for next month.
| Forecast information | Value |
|---|---|
| Current charge per service | £30.00 |
| Current services sold per month | 500 |
| Proposed change in charge | 6% decrease |
| PED | -1.5 |
For this forecast, treat the PED estimate as exact. What is the forecast percentage change in monthly total revenue?
Decrease by 14.46%
Decrease by 2.24%
Increase by 3.00%
Increase by 2.46%
236 exam-style questions on AQA GCSE Economics 1.3 How prices are determined, covering 1.3.1a Demand and the factors that influence it, 1.3.1b The demand curve, 1.3.2a Supply and the factors that influence it, 1.3.2b The supply curve, 1.3.3a Determining equilibrium price, 1.3.3b Applying diagrams and showing revenue, 1.3.4a Complements and substitutes, 1.3.4b Effects of changes on related markets, 1.3.5a Price elasticity of demand, 1.3.5b Factors affecting price elasticity of demand, 1.3.5c Measuring PED and its implications, 1.3.6a Price elasticity of supply, 1.3.6b Factors affecting price elasticity of supply, and 1.3.6c Measuring PES and its implications. Each one has a worked solution and a mark scheme showing where the marks go.