(a)[8]
Explain the influences that determine whether the price elasticity of demand for a product is high or low.
(b)[12]
Discuss whether a business can, and should, change the price elasticity of demand for its 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 PED, together with what high (elastic) and low (inelastic) values signify (up to 4 marks).” …
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