CSEC Economics · May/June 2017 · Paper 2 · Question 6(b)
List THREE factors that affect the price elasticity of demand.
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Practise this questionOther parts of this question
- 6(a)(i)Define the term 'Market equilibrium'.[2 marks]
- 6(a)(ii)Define the term 'Ceteris paribus'.[2 marks]
- 6(c)(i)Using the information in Table 2, identify the equilibrium price and quantity.[2 marks]
- 6(c)(ii)Explain the situation that would exist in the market if the price is $5.[3 marks]
- 6(c)(iii)Explain the situation that would exist in the market if the price is $1.[3 marks]
- 6(d)After ten years, the market for tamarind balls suddenly failed. Discuss TWO possible reasons for the failure.[5 marks]
More practice: the rest of this paper · more Elasticity of Demand and Supply questions · all CSEC Economics past papers