Economics A-Level
Price elasticity
What Price elasticity means in Economics A-Level, as defined for AQA.
Definition of Price elasticity
Check what you remember
Read the wording for your board, then hide it and explain Price elasticity in your own words. Rough notes are fine. This is a self-check, with no mark or grade.
Reference: AQA
Dictates how price changes affect a firm's total revenue, which equals consumers' total expenditure.
Topics that use Price elasticity
- 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 Price elasticity in the exam
Check the command word and mark scheme for your exact question. After comparing your explanation with the reference, use the term in an answer on the linked topic. This practice does not predict an exam mark.
Practise Economics questions
Create a free account to answer exam-style questions on this topic and get feedback on your answers.
Start free
All Economics A-Level termsA week of Premium from your first lesson · Then the free plan continues · No card, no charge