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1.3 Price determination in a competitive market

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Question 25

An artisanal coffee roastery has a price elasticity of supply of +1.6 for its specialty single-origin coffee beans. If the market price of these beans decreases from £15.00 to £13.50 per kilogram, the quantity supplied of this coffee will

A

increase by 16%16\%16%

B

decrease by 16%16\%16%

C

increase by 6.25%6.25\%6.25%

D

decrease by 6.25%6.25\%6.25%

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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