A-LevelEconomicsDemand and Supply / Elasticity of DemandFeb/Mar 2023Paper 1 Q81 Mark
A sports stadium has two prices of seats. The cheaper seats are $10 and the more expensive seats are $20. When the prices of all seats are increased by 10%, the effects on demand are a fall of 5% for the cheaper seats and a fall of 12% for the more expensive seats. What describes the responsiveness of demand to the change in price?
Aelastic, elastic
Belastic, inelastic
Cinelastic, elastic
Dinelastic, unitary elasticity
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The correct answer is C. This question tests the candidate's understanding of demand and supply / elasticity of demand within the Economicssyllabus. The examiner's mark scheme requires...
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