CSEC Economics · May/June 2011 · Paper 2 · Question 2(d)(ii)
A demand schedule for Product X showing price and quantity demanded.
Interpret the result obtained in (d)(i).
The mark scheme is shown once you've answered.
Practise this questionOther parts of this question
- 2(a)(i)Define income elasticity of demand.[2 marks]
- 2(a)(ii)Define cross elasticity of demand.[2 marks]
- 2(b)Identify ONE factor that affects income elasticity of demand.[1 mark]
- 2(c)Explain TWO factors that affect price elasticity of demand.[6 marks]
- 2(d)(i)Using the information in Table 1, calculate the price elasticity of demand for Product X when the price changes from US
5 to US3.[3 marks]
More practice: the rest of this paper · more Elasticity of Demand and Supply questions · all CSEC Economics past papers