A-LevelEconomicsThe Price System and the MicroeconomyFeb/Mar 2024Paper 1 Q71 Mark
The price elasticity of demand for good X is −2.4, its income elasticity of demand is -0.4 and the cross elasticity of demand for good X with respect to good Y is +0.8. What is the correct description of good X?
Ainferior good, price-elastic demand and substitute for good Y
Binferior good, price-inelastic demand and complement to good Y
Cnormal good, price-elastic demand and complement to good Y
Dnormal good, price-inelastic demand and substitute for good Y
✓ Correct Answer
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...
📋 Examiner Report & Trap Analysis
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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