Assess whether price elasticity of demand (PED) or income elasticity of demand (YED) is likely to be of greater importance to a firm producing cars.

Economics

IGCSE&ALevel

CAIE

Exam No：9708_w23_qp_21 Year：2023 Question No：2(b)

Answer:

2.2.1 definition of price elasticity, income elasticity and cross elasticity of demand (PED, YED, XED)

2.2.8 implications for decision-making of price elasticity, income elasticity and cross elasticity of demand

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