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1.3 Price determination in a competitive market

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Question 44

A microbrewery increases the price of its specialty craft IPA casks from £160 to £200. In response to this price increase, the quantity of casks supplied to local pubs increases by 15%.

What is the price elasticity of supply (PES) for the specialty craft IPA?

A

0.600.600.60

B

0.750.750.75

C

1.331.331.33

D

1.671.671.67

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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