Back to the full dot-point answer
ScotlandEconomicsQuick questions
Economics of the Market
Quick questions on Elasticity of demand and supply: PED, PES, YED and XED - SQA Higher Economics
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
Demand for a product is price inelastic. A firm cuts its price. State and explain what happens to total revenue.
What is q2?Show answer
The cross elasticity of demand between two goods is +1.8. Explain what this tells you about the relationship between the goods. [2 marks]
Have a question we have not covered?
This dot-point answer is short enough that we have not extracted many short questions yet. Read the full dot-point answer or ask Mo, our study assistant, in the chat for follow ups.