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WalesEconomicsQuick questions
Introduction to Economic Principles (AS Unit 1)
Quick questions on Demand, supply and elasticity - WJEC A-Level 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
State the formula for the price elasticity of demand. [1 mark]
What is q2?Show answer
Explain why a good with many close substitutes is likely to have price-elastic demand. [3 marks]
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