A-LevelEconomicsMicroeconomics: Price SystemMay/June 2023Paper 1 Q81 Mark
The cross elasticity of demand between bus travel and rail travel is +2. A rise in the price of bus fares caused the demand for rail travel to rise by 10%. Which change in bus fares would have caused this? [Table 8.1]
Afrom (cents) 20 to (cents) 21
Bfrom (cents) 30 to (cents) 33
Cfrom (cents) 40 to (cents) 45
Dfrom (cents) 50 to (cents) 60
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The correct answer is A. This question tests the candidate's understanding of microeconomics: price system within the Economicssyllabus. The examiner's mark scheme requires...
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Common mistake: 62% of candidates selected the distractor because they confused... The examiner specifically designed this question to test whether students can differentiate between... To secure full marks, candidates must demonstrate...
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