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Cambridge A Level Economics 9708 May June 2024 Paper 2, Variant 1 – Sample Answers and Examiner Commentary – Question 3

Question:

3 (a) With the help of a formula, explain what is meant by the income elasticity of demand for a
product and consider the extent to which demand for the product will always rise at the same
rate as the income of its consumers. [8]
(b) Assess the extent to which price elasticity of supply or cross elasticity of demand is more
useful to businesses. [12]

Sample Answers:

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