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Northern IrelandEconomicsQuick questions
AS 1: The Market System
Quick questions on Elasticity of demand and supply - CCEA A-Level Economics AS 1
3short 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 good has an income elasticity of demand of -0.4. Classify the good and explain. [3 marks]
What is q2?Show answer
Calculate PES when a 20 percent rise in price causes a 10 percent rise in quantity supplied, and state whether supply is elastic or inelastic. [3 marks]
What is q3?Show answer
Explain why a government wanting to raise tax revenue might place an indirect tax on a good with inelastic demand. [6 marks]
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