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

Price elasticity of demand — practice question

The table shows estimated price elasticities and cross elasticities of demand for bus and rail travel. What change would be expected in the amount of rail travel if bus fares rose by 1%?

  • Aa decrease of 0.13%
  • Ba decrease of 0.37%
  • Can increase of 0.16%
  • Dan increase of 0.43%

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