Edexcel A-Level Economics AS 1.3.2 3j Significance of Price Income and Cross Elasticities of Demand for Firms Consumers and Topic Practice

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Pearson Edexcel IAL Economics

Unit 1: Markets in Action

1.3.1 - Introductory concepts

1.3.2 - Consumer behaviour and demand

1.3.2.1a - assumption of rationality in decision making: consumers aim decision making to maximise

1.3.2.1b - Reasons why consumers may not aim to maximise utility: • the influence of other

1.3.2.2a - concept of 'demand'

1.3.2.2b - distinction between movements along a demand curve and shifts of a demand curve

1.3.2.2c - concept of diminishing marginal utility and its significance for the shape of the

1.3.2.2d - Factors that may cause a shift in the demand curve: • changes in the price of

1.3.2.3a - concepts of 'price', 'income' and 'cross-elasticities of cross-elasticities demand'. of

1.3.2.3b - use formulae to calculate price, income and cross-elasticities of demand

1.3.2.3c - Interpretation of numerical values of price elasticity of demand: • perfectly price

1.3.2.3d - factors influencing price elasticity of demand: • availability of substitutes •

1.3.2.3e - calculate total revenue

1.3.2.3f - price elasticity of demand varies along a straight line demand curve

1.3.2.3g - relationship between price elasticity of demand and total cross-elasticities revenue.

1.3.2.3h - Interpretation of numerical values of income elasticity of (continued) demand: •

1.3.2.3i - Interpretation of numerical values of cross elasticity of demand. Significance for the

1.3.2.3j - significance of price, income and cross-elasticities of demand for firms, consumers and

1.3.4 - Price determination

1.3.5 - Market failure

1.3.6 - Government intervention in markets

Unit 2: Macroeconomic Performance and Policy

2.3.1 - Measures of economic performance

2.3.2 - Aggregate demand (AD)

2.3.3 - Aggregate supply (AS)

2.3.4 - National income

2.3.5 - Economic growth

2.3.6 - Macroeconomic objectives and policies

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