The table below shows the weekly quantity of Carbon-Composite Drone Propellers demanded and supplied.
Following an increase in the cost of carbon fiber raw materials, the weekly supply of Carbon-Composite Drone Propellers decreased by 4,000 units at all prices.
Calculate the change in equilibrium price resulting from this increase in material costs.
| Price | Quantity demanded per week (00s) | Quantity supplied per week (00s) | New quantity supplied per week (00s) |
|---|---|---|---|
| £120 | 160 | 80 | |
| £140 | 140 | 100 | |
| £160 | 120 | 120 | |
| £180 | 100 | 140 | |
| £200 | 80 | 160 |
21 exam-style questions on Edexcel A A Level Economics 1.2.6 Price determination. Each one has a worked solution and a mark scheme showing where the marks go.