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EnglandEconomicsQuick questions
1.4-1.7 How markets work
Quick questions on Price elasticity - OCR GCSE Economics (J205)
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
Define price elasticity of demand. [2 marks]
What is q2?Show answer
A firm sells a good with elastic demand. Explain what it should do to its price to raise total revenue. [3 marks]
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