1.2.5 Income elasticity of demand - Theme 1 Edexcel A Level Business
This set of resources includes 1x PPT and 2x word files and can be delivered over a double lesson. We start with a recap of PED as knowledge of this needs to be secure before moving onto YED to prevent future confusion. We look what YED measures, the formula and the different types of goods that exist such as inferior and luxury goods.
Students have the opportunity to practise plenty of calculations on YED, some of which require percentage change to be calculated before calculating YED. All answers are provided. We then go onto look at factors that affect the income elasticity of a good before reading a case study on Beale's Bakery which sells a variety of products with different elasticities - a 12 mark question with structure guidance and model answer provided for students to peer assess with.
A link to a kahoot quiz and a box plenary to finish with.
Colourful, concise and engaging slides!