A-LevelEconomicsThe Market System and the National EconomyOct/Nov 2023Paper 1 Q81 Mark
After a 10% decrease in a consumer's income, the consumer's demand for a good rises from 100 to 105. What is the value of the consumer's income elasticity of demand for this good?
A-2.0
B-0.5
C+0.5
D+2.0
✓ Correct Answer
The correct answer is B. This question tests the candidate's understanding of the market system and the national economy 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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