Mark scheme Q6 microeconomics (unit 2.5-2.6)
This paper 1 style question contains section (a) and (b) components. Part (a) is best treated as two entirely separate 5 mark questions. Each will need a well explained and correctly labelled diagram. The first should describe price elasticity of demand (PED) and the second income elasticity of demand (YED). The section (b) response is also in two parts. The first describes how firms can use price elasticity of...