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Exam (elaborations)
IGCSE Economics Formula list
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2
September 2023
2023/2024
A+
price elasticity of demand - correct answer% change in quantity demanded / % change in price
price elasticity of supply - correct answer% change in quantity supplied / % change in price
% change in quantity demanded/quantity supplied - correct answerNew quantity-Old Quantity/Old quantity *100
%change in price - correct answerNew price-Old price/Old price*100
Social cost(economical use of resources) - correct answerprivate cost + external cost
Social benefit(uneconomical use of res...
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