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1.3 How prices are determined

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Question 12

image Price falls from £12 at A to £9 at B and weekly quantity demanded rises from 40 to 60. Using percentage changes from the original values, which statement is correct?

[1]
A

Price elasticity of demand is 0.5 and total revenue falls from £480 to £360

B

Price elasticity of demand is 0.5 and total revenue rises from £480 to £540

C

Price elasticity of demand is 2.0 and total revenue falls from £480 to £360

D

Price elasticity of demand is 2.0 and total revenue rises from £480 to £540

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1.3 How prices are determined Questions

  1. GCSE
  2. /Economics
  3. /1.3 How prices are determined

236 exam-style questions on AQA GCSE Economics 1.3 How prices are determined, covering 1.3.1a Demand and the factors that influence it, 1.3.1b The demand curve, 1.3.2a Supply and the factors that influence it, 1.3.2b The supply curve, 1.3.3a Determining equilibrium price, 1.3.3b Applying diagrams and showing revenue, 1.3.4a Complements and substitutes, 1.3.4b Effects of changes on related markets, 1.3.5a Price elasticity of demand, 1.3.5b Factors affecting price elasticity of demand, 1.3.5c Measuring PED and its implications, 1.3.6a Price elasticity of supply, 1.3.6b Factors affecting price elasticity of supply, and 1.3.6c Measuring PES and its implications. Each one has a worked solution and a mark scheme showing where the marks go.

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