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1.3 Price determination in a competitive market

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Question 26

A local coffee shop is willing to supply 4000 cups of specialty coffee a week at a market price of £4 a cup. The price elasticity of supply of coffee is 1.5. If the market price falls to £3.20 a cup, the number of cups that the coffee shop will be willing to supply will be

A

1200

B

2800

C

3200

D

5200

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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