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1.3 Price determination in a competitive market

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Question 59

A boutique vineyard is willing to supply 12,000 12,000\,12,000 bottles of its vintage reserve Pinot Noir per year at a market price of £25.00 \pounds 25.00\,£25.00 per bottle. The price elasticity of supply for this wine is 0.75. If the market price increases to £28.00 \pounds 28.00\,£28.00 per bottle, the new quantity of bottles that the vineyard will be willing to supply per year is

A

13,92013,92013,920

B

10,92010,92010,920

C

13,08013,08013,080

D

12,90012,90012,900

Markscheme

1.3 Price determination in a competitive market Questions

  1. A Level
  2. /Economics
  3. /1.3 Price determination in a competitive market

256 exam-style questions on AQA A Level Economics 1.3 Price determination in a competitive market, covering 1.3.1 The determinants of the demand for goods and services, 1.3.2 Price, income and cross elasticities of demand, 1.3.3 The determinants of the supply of goods and services, 1.3.4 Price elasticity of supply, 1.3.5 The determination of equilibrium market prices, and 1.3.6 The interrelationship between markets. Each one has a worked solution and a mark scheme showing where the marks go.

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