CSEC Economics · May/June 2015 · Paper 2 · Question 1(b)
List THREE factors that affect the price elasticity of demand.
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Practise this questionOther parts of this question
- 1(a)(i)Identify the equilibrium price.[1 mark]
- 1(a)(ii)Identify the equilibrium quantity.[1 mark]
- 1(c)(i)Explain what happens in the market when the price per sno-cone is $4.[3 marks]
- 1(c)(ii)Explain what happens in the market when the price per sno-cone is $1.[3 marks]
- 1(d)Calculate the price elasticity of supply when the price per sno-cone changes from
2 to4.[4 marks]
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