Skip to content

Course home

Sign up

1.3 How prices are determined

EasyMediumHard
12345678910111213141516171819202122232425262728293031323334353637383940414243
Question 18

image Price rises from £20 at A to £24 at B and weekly quantity supplied rises from 50 to 65. Using percentage changes from the original values, which statement is correct?

[1]
A

Price elasticity of supply is 0.67, so supply is price inelastic

B

Price elasticity of supply is 1.5, so quantity supplied has risen proportionately less than price

C

Price elasticity of supply is 1.5, so supply is price elastic

D

Price elasticity of supply is 3.0, so supply is perfectly price elastic

Markscheme

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.

Question bank