(a)[2]
Give the meaning of the term ‘price elasticity of demand’.
(b)[3]
Briefly explain two reasons why price elasticity of demand could be useful to a business when it is deciding prices.
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: “Definition: a measure of how responsive demand for a product is to a change in its price (equivalent wording)” …
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