Economics 9708 · AS & A Level · Income elasticity of demand

Income elasticity of demand — practice question

The demand in the market for a product is formed by the demand of three firms, X, Y and Z. The table gives the demand for each firm together with the market supply. What is the equilibrium price in the market?

A$7
B$8
C$9
D$10

Worked solution & mark scheme

This 1-mark question has a full step-by-step worked solution and mark scheme.

Full mark scheme, point by point
Step-by-step worked solution
Write your answer & get it marked instantly by AI