A-LevelEconomicsThe Price System and the MicroeconomyOct/Nov 2014Paper 1 Q81 Mark
The price of good X rises by 10%. As a result, the demand for a substitute good Y rises by 20%. What is the cross-elasticity of demand for good Y with respect to the price of good X?
A+2
B+0.5
C-0.5
D-2
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The correct answer is A. This question tests the candidate's understanding of the price system and the microeconomy 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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