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Quick questions on Pricing strategies and price elasticity of demand - OCR A-Level Business
2short Q&A pairs drawn directly from our worked dot-point answer. For full context and worked exam questions, read the parent dot-point page.
What is q1?Show answer
A price falls by and quantity demanded rises by . Calculate the PED and state whether demand is elastic or inelastic. [3 marks]
What is q2?Show answer
Analyse why a firm launching an innovative product might use price skimming. [6 marks]
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