A-level Paper 1, June 2024Markets and Business Behaviour

A-level Paper 1, June 2024, Q1(a)

Explain one likely reason for the difference in the price elasticity of demand for the 18+ student bus ticket and the adult bus ticket.

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Context

Table: price elasticity of demand for London bus tickets, 2021 – 18+ student −0.7, adult −0.4.

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Specification topics

Price, income and cross elasticities of demand

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