Economics AQA A LEVEL exam questions with certified answers. Demand - Answer The quantity of a good or service that consumers are willing and able to buy at a given time Normal good - Answer A good for which demand increases when income increases

Economics AQA A LEVEL exam
questions with certified
answers.

Demand - Answer The quantity of a good or service that
consumers are willing and able to buy at a given time


Normal good - Answer A good for which demand increases
when income increases


IED > 1

, Inferior good - Answer A good for which demand increases
when income falls


IED < 1


Price elasticity of demand - Answer Measures the extent to
which the demand of a good changes in response to a change in
the price of that good


%QD/%P


Income elasticity of demand - Answer Measures the extent to
which the demand of good changes in response to a change in
income


%QD/%Y


Cross elasticity of demand - Answer Measures the extent in
which the demand of a good changes in response to a change in
the price of another