A level Business Revision - Income Elasticity 

lord have mercy

I'd say you've already cracked two of the main tips in your original questions - you've identified that you have a problem interpreting the question and you've diagnosed the need to read it carefully - that's pretty good IMO. In addition, watch out for the questions that mention two different topics in the same question. For example, 'is a low cost producer strategy the best strategy to pursue during a recession' - with this question, students launch into writing about being a low cost producer and forget the second part of the question about being in a recession. If you analyse the strengths and limitations of being a low cost producer without linking it's effectiveness during a recession, you're not really answering the question. Good luck tomorrow - hope the questions are kind (and not long winded)

Hi. Thanks for the feedback. If you head over to my Instagram page instagram.com/takingthebiz/ I put out a post as part of my InstaRevision series that should answer your question. Hope it helps!

@@TakingTheBiz Brilliant! I'll check it out later this evening, thank you so much sir!

LOL GUESS U MESSED UP THE 9 MARK

Yeah for inelastic that is right. The rise in income rises more than the rise in demand. This is because consumers dont need more of the necessities. For example, if you earn 10x more than you were previously earning you wouldn't go and purchase 10x more bread for that week'; simply because you dont need to. And if the YED is exactly 1 then the demand increases at the same rate as the income like you said

Having to know income elasticity for GCSE is cruel! I hope the video helps a little.