A-level Paper 1, June 2017Markets and Business Behaviour
A-level Paper 1, June 2017, Q2(c)
Estimates for the demand for black tea in the UK suggest that it is an inferior good. This implies it has a negative:
Multiple choice1 mark
Context
Between 2010 and 2015 the average price of tea in the UK increased from £7.20 per kilo to £8.48 per kilo. Over the same period the quantity of tea purchased fell from 97 million kilos to 76 million kilos.
Across elasticity of demand
Bincome elasticity of demand
Cprice elasticity of demand
Dprice elasticity of supply
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