Question 14 marks
Not finished
| Change | Bus fare | Journeys demanded |
|---|---|---|
| Percentage change | +8% | -4% |
Using the data, calculate the price elasticity of demand for bus journeys and what the value means [4]
Practice Questions · 9708
The Price System and the Microeconomy
Original StepsToConquer questions written in CAIE style. These are practice questions, not past Cambridge examination questions.
Your answer
Write in full sentences. Use the context or data, make each relationship explicit, and include a reasoned judgement where the command word requires one.