A-LevelEconomicsThe Price System and the MicroeconomyMay/June 2015Paper 1 Q71 Mark
A survey into the market for good X found that it is an inferior good and a close substitute for good Y. Which values for the income elasticity of demand for good X and its cross elasticity of demand with respect to the price of good Y would support this? [Table 7.1]
A-1.2
-0.9
B-1.2
+0.9
C+1.2
-0.9
D+1.2
+0.9
✓ Correct Answer
The correct answer is B. This question tests the candidate's understanding of the price system and the microeconomy 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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