(a)[8]
Explain the factors that can influence the price elasticity of demand for a product.
(b)[12]
Discuss the extent to which knowledge of a product’s cross-elasticity of demand is likely to matter to a firm supplying that product.
Economics 9708 · AS & A Level · Price elasticity of demand
Price elasticity of demand — practice question
Worked solution & mark scheme
This 20-mark question has a full step-by-step worked solution and mark scheme. One marking point: “Knowledge and understanding of price elasticity of demand measured by the percentage change in quantity demanded divided by percentage change in price” …
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