A-level Paper 1, June 2024Markets and Business Behaviour
A-level Paper 1, June 2024, Q1(b)
In 2021, the adult 7-day bus ticket was £21.90. Bus ticket prices in London in 2022 increased by 4.8%. Ceteris paribus, which one of the following is the percentage decrease in the 7-day bus ticket demand by adults?
Multiple choice1 mark
Context
Table: price elasticity of demand for London bus tickets, 2021 – 18+ student −0.7, adult −0.4.
A0.08
B1.92
C3.36
D12.00
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