The table below shows the monthly demand and supply schedules for Sustainable Bamboo Flooring. Sustainable Bamboo Flooring and Traditional Oak Flooring are close substitutes. Following a severe supply-chain disruption in the oak forestry sector, the price of Traditional Oak Flooring rises significantly. As a result, the market demand for Sustainable Bamboo Flooring increases by 120,000 m2120,000\text{ m}^2120,000 m2 at every price level.
| Price per m2\text{m}^2m2 (£) | Original Quantity Demanded (000s of m2000\text{s of m}^2000s of m2) | Quantity Supplied (000s of m2000\text{s of m}^2000s of m2) |
|---|---|---|
| £15 | 300 | 120 |
| £20 | 260 | 180 |
| £25 | 220 | 240 |
| £30 | 180 | 300 |
| £35 | 140 | 360 |
At the new market equilibrium price, what is the total monthly revenue for Sustainable Bamboo Flooring producers?
£5.4 million
£6.0 million
£9.0 million
£10.5 million
11 exam-style questions on OCR A Level Economics The interaction of markets. Each one has a worked solution and a mark scheme showing where the marks go.