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IGCSE Economics questions and answers certified 2024
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IGCSE Economics questions and answers certified 2024
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IGCSE Economics - PED and PESNon-price factors affecting supply - correct answer ✔Cost of production -
Technology - Taxes - Subsidies - Weather - War and disorder etc.
Non-Price factors affecting demand - correct answer ✔Fashion and trends -
Population - Price and availability of substitutes - Interest rate - Advertising -
Income
Define PED - correct answer ✔Measure the extent to which demand for a
product changes as price changes.
Equation for PED - correct answer ✔% change in quantity demanded / %
change in price
Define price inelastic demand - correct answer ✔When a change in price
causes a smaller change in demand
Define price elastic demand - correct answer ✔When a change in price
causes a larger change in demand
When is demand perfectly inelastic? - correct answer ✔When the PED is 0
When is demand perfectly elastic? - correct answer ✔When the PED is ∞
Define Unit price elasticity - correct answer ✔Percentage change in demand
= percentage change in quantity
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