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Summary AQA A-Level Economics Price Determination Notes

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An in-depth explanation of Price Determination for anyone who may not fully understand the topic. Written by a student who achieved an A* in Economics in 2018, who fully understands the subject and now studies at Cambridge University. Follow these notes and learn each individual section to have full knowledge of the Price Determination section of the course.

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4.1.3- Price Determination in a Competitive Market

The Determinants of the demand for Goods and Services

Seasonality
Unique Selling Points
Income
Tastes and Preferences
Substitute good availability

Price, Income and Cross Elasticities of Demand

PRICE ELASTICITY OF DEMAND (PED)

• The responsiveness of quantity demanded following a change in its own price

Determinants:

Time period allowed following a price change (longer=more elastic)
Habit
Income proportion spent on product
Substitute good availability
Peak demand
Off-peak demand
Necessity
Definition breadth (if broadly defined, more inelastic)

%Change in QD/%Change in Price

• An increase in price for an inelastic product= increased revenue
• An increase in price for an elastic product= decreased revenue


Perfectly Elastic=Horizontal, Perfectly inelastic=vertical
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Ray Powell, James Powell AQA A-level Economics
Publisher: 2016 ISBN: 9781471829857 Edition: Unknown

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