A-LevelEconomicsThe price system and the microeconomy9708/12 · Oct/Nov 2016 · Q91 Mark

The diagram shows an industry's total revenue when different quantities are demanded. Which values should be inserted at points 1, 2 and 3 to identify the price elasticity of demand (PED) at that position?

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APED>1 PED=0 PED<1

BPED>1 PED=1 PED<1

CPED<1 PED=0 PED>1

DPED<1 PED=1 PED>1

✓ Correct answer

B: PED>1 PED=1 PED<1

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Topic: The price system and the microeconomy, A-Level Economics (syllabus 9708). Multiple choice, 1 mark.
Source: A-Level Economics, Oct/Nov 2016 Paper 1 Variant 2, question 9.

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The diagram shows an industry's total revenue when different quantities are demanded. Which values should be inserted at points 1, 2 and 3 to identify the price elasticity of demand (PED) at that position?

✓ Correct answer

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