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1.2.5 Elasticity of supply

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Question 5

Table 1: Price elasticity of supply for lithium carbonate in selected mining regions

Mining RegionPrice elasticity of supply
Salar de Atacama (Chile)+0.25
Western Australia (Australia)+1.25

In Western Australia, the price elasticity of supply for lithium carbonate is +1.25.

Which one of the following is the percentage increase in price if the quantity of lithium carbonate supplied in Western Australia increases by 15%?

A

0.080.080.08

B

12.0012.0012.00

C

18.7518.7518.75

D

60.0060.0060.00

Markscheme

1.2.5 Elasticity of supply Questions

  1. A Level
  2. /Economics
  3. /1.2.5 Elasticity of supply

22 exam-style questions on Edexcel A A Level Economics 1.2.5 Elasticity of supply. Each one has a worked solution and a mark scheme showing where the marks go.

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