Economics Igcse

Hi I'm currently taking the edexcel economics igcse course and I'm not sure if it has the foundation or higher option? Also I downloaded some past papers for it and on the first page of it it says level 1/2 and I'm curious as to what that means, the code for it is 4EC1. Thank you

Hi I'm currently taking the edexcel economics igcse course and I'm not sure if it has the foundation or higher option? Also I downloaded some past papers for it and on the first page of it it says level 1/2 and I'm curious as to what that means, the code for it is 4EC1. Thank you

R: Denotes the "R" tier, which is typically considered a lower difficulty level compared to the "H" tier.
I just googled and there does seem to be two tiers, not sure how its decided which paper you do?

No price elastic just mean anything that is more than 1, the number can be positive or negative so -1,5 is correct because it more than one making it elastic

No price elastic just mean anything that is more than 1, the number can be positive or negative so -1,5 is correct because it more than one making it elastic

I just found this from a google search: "Price elasticities of demand are always negative since price and quantity demanded always move in opposite directions on the demand curve. But, by convention, we talk about elasticities as positive numbers. So mathematically, we take the absolute value of the result."
Both of these things, that PED is always negative and that elasticities use the absolute value (a positive value, so negatives are treated as positives). What i find very strange is that neither my edexcel textbook or revision guide contain these points. Thought id post this incase anyone else encounters this perplexing idea.

Omgggg im so sorry 😅 I don’t know where I got that from im sooo sorry

Omgggg im so sorry 😅 I don’t know where I got that from im sooo sorry