CSEC Economics · May/June 2008 · Paper 2 · Question 6(d)(ii)
Discuss the likely impact of a significant rise in oil prices on the type of vehicles purchased.
The mark scheme is shown once you've answered.
Practise this questionOther parts of this question
- 6(a)(i)Define the term 'price elasticity of demand'.[2 marks]
- 6(a)(ii)Define the term 'income elasticity of demand'.[2 marks]
- 6(b)Identify TWO determinants of price elasticity of demand, and ONE determinant of income elasticity of demand.[3 marks]
- 6(c)Using an example, explain what a zero cross elasticity result represents.[5 marks]
- 6(d)(i)Discuss the likely impact of a significant rise in oil prices on research in bio-fuels.[4 marks]
More practice: the rest of this paper · more Non-Price Determinants of Demand and Supply questions · all CSEC Economics past papers