Table 1 shows the weekly price and quantity supplied of greenhouse-grown flowers.
| Period | Price per bunch (£) | Quantity supplied per week |
|---|---|---|
| Before | 5 | 200 |
| After | 6 | 260 |
Using the initial values as the base, what is the price elasticity of supply of the flowers?
-1.50
-0.67
+0.67
+1.50
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.