Price Elasticity of Demand - Questions & Answer - Edexcel Economics

This resource provides a thorough set of Price Elasticity of Demand (PED) questions and detailed answers, designed to enhance students’ understanding of this key economic concept. The questions are structured in a progressive format, starting from basic calculations and gradually advancing to more complex scenarios, making it an ideal resource for both GCSE and A-Level Business Studies or Economics students.

What’s Included:

**25 questions on Price Elasticity of Demand (PED): Divided into four levels of difficulty (Basic, Intermediate, Advanced, and Expert), allowing teachers to adapt to different student abilities.

Full worked answers for each question: Complete step-by-step answers to help students understand the logic and calculations involved in each question.
Level of Difficulty

• Basic Level: Questions cover fundamental concepts such as the formula for PED and simple percentage change calculations.

• Intermediate Level: Students calculate percentage changes in quantity demanded using PED values.

• Advanced Level: Students apply their knowledge of PED to real-world scenarios, calculating changes in revenue and determining whether demand is elastic or inelastic.

• Expert Level: More challenging problems, including percentage change calculations involving PED, with a focus on real-world data like cinema ticket sales and concert ticket prices