A-LevelEconomicsDemand and SupplyMay/June 2011Paper 1 Q101 Mark
The table gives estimates of the price elasticities and cross elasticities of demand for travel. What would be the change in the volume of rail travel resulting from a 1% increase in bus fares?
Aan increase of 0.16%
Ban increase of 0.43%
Creduction of 0.13%
Dreduction of 0.37%
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The correct answer is A. This question tests the candidate's understanding of demand and supply within the Economicssyllabus. The examiner's mark scheme requires...
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