Theme 1

Question 1

market share

Answer 1

(sales of a business or product / total market sales) x 100

Question 2

price elasticity of demand (PED)

Answer 2

% change in quantity demanded / % change in price

Question 3

income elasticity of demand (YED)

Answer 3

% change in quantity demanded / % change in income

Question 4

cost plus pricing

Answer 4

cost per product + % of cost (markup aka desired profit margin)