(a)[2]
Define what is meant by 'price elasticity of demand'.
(b)[3]
Explain two advantages to a business of knowing the price elasticity of demand of its products.
Business 9609 · AS & A Level · The marketing mix
The marketing mix — practice question
Worked solution & mark scheme
This 5-mark question has a full step-by-step worked solution and mark scheme. One marking point: “PED shows how responsive demand is when the price of the product/service changes” …
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