IGCSE Economics- Paper 2
How are y’all feeling abt Paper 2 for Econ? Icl they did us well for Paper 1 so this one might be harder imo
Reply 1
you're not talking about CIE, right? because for CIE paper 2 is on friday and paper 1 is in june
Reply 2
I have come across something in a past paper which is confusing me. Its paper 1 4ec1/01 of 2021. Question 2a. asks which products has demand that is price elastic. The options are A. -1.5 B. -1 C. -0.5, D. 1. The mark scheme says that A is correct with ped of -1.5. But in my notes from the text book says that price elastic demand equals value > 1. Is this an error in the makr scheme or am i missing something?
Reply 3
Moved to economics exams
Reply 4
11
Original post
by ideatank17I have come across something in a past paper which is confusing me. Its paper 1 4ec1/01 of 2021. Question 2a. asks which products has demand that is price elastic. The options are A. -1.5 B. -1 C. -0.5, D. 1. The mark scheme says that A is correct with ped of -1.5. But in my notes from the text book says that price elastic demand equals value > 1. Is this an error in the makr scheme or am i missing something?
Ped is always negative apparently. So 1.5 is the right answer
Reply 5
Original post
by Coffee_toffeePed is always negative apparently. So 1.5 is the right answer
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.
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