A-LevelEconomicsElasticityOct/Nov 2010Paper 1 Q61 Mark
The diagram shows a consumer's short-run and long-run demand curves for coconuts. Initially, the consumer purchases quantity Q₀ at price P₀. [Figure 6.1] If the price of coconuts increases from P₀, the consumer's short-run response is greater than his long-run response. If the price decreases from P₀ his short-run response is smaller than his long-run response. What is the consumer's short-run demand curve?
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The correct answer is D. This question tests the candidate's understanding of elasticity within the Economicssyllabus. The examiner's mark scheme requires...
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