Economics A-Level
Magnitude
What Magnitude means in Economics A-Level, as defined for AQA.
Definition of Magnitude
Check what you remember
Read the wording for your board, then hide it and explain Magnitude in your own words. Rough notes are fine. This is a self-check, with no mark or grade.
Reference: AQA
The absolute value of the coefficient, used to determine whether demand is elastic or inelastic.
Topics that use Magnitude
- Price, income and cross elasticities of demand (AQA A-Level)
Related terms
- Cross Elasticity of Demand (XED)
- Income Elasticity of Demand (YED)
- Price Elasticity of Demand (PED)
- Revenue maximisation
- Business decision-making
- Complementary goods
- Consumer expenditure
- Cross elasticity of demand
Using Magnitude in the exam
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