Example answer
q
three
distributed
1.a. Price elasticity of demand =
% change in quantity demanded
% change in price
In this case it is
4%
−6%
= (−1.5).
1.c. One reason why it is elastic may be
because it has close substitutes in the
form of other bars of chocolate.
Answer for 1 is draw Q1 on diagram
Example answer
1. These are two of the fundamental economic questions
Example answer
1. Individual demand is the demand of one consumer
whereas market demand is the total demand for a product