EXAM QUESTION how to answer exam questions YED how to calculate PES

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