EXAM QUESTION how to answer exam questions YED how to calculate PES
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how to calculate PES ?
% change in quantity supplied/ %chnage in price = pes
how to measure change in YED ?
%Change in quantity demand ÷ %change in income = YED
how to answer do you agree questions
1 mark for agree or disagree 3 marks for explaining how and why w/ reasons 2 marks for evaluation
tea has more price elasticity then chips do you agree? explain why?
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the supply of chocolate is said to be more price elastic than flowers do you agree to explain why?
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what does YED stand for?
YED stands for income elasticity of demand
what is the meaning of YED ?
a measure of the responsiveness of demand to change income
