Quelpr
8 marksElasticity of Demand and Supply

CSEC Economics · May/June 2014 · Paper 2 · Question 7(d)

'A price hike in gasoline has caused motorists to rethink their choice of vehicle and mode of transportation.'

Explain the statement regarding gasoline price hike in the context of cross elasticity of demand.

The mark scheme is shown once you've answered.

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Other parts of this question

  1. 7(a)Define the term 'market equilibrium'.[2 marks]
  2. 7(b)Identify the TWO main market forces in an economy.[2 marks]
  3. 7(c)List THREE causes of market failure.[3 marks]
  4. 7(e)Discuss TWO impacts on the market that may result from the introduction of a low-cost airline carrier in the Caribbean.[5 marks]

More practice: the rest of this paper · more Elasticity of Demand and Supply questions · all CSEC Economics past papers