Electricity costs fall for firms producing frozen ready meals. The table shows the weekly demand and supply in this market before and after the change.
| Price per crate | Quantity demanded per week | Quantity supplied per week before the change | Quantity supplied per week after the change |
|---|---|---|---|
| £8 | 12,000 | 4,000 | 8,000 |
| £10 | 10,000 | 6,000 | 10,000 |
| £12 | 8,000 | 8,000 | 12,000 |
| £14 | 6,000 | 10,000 | 14,000 |
Identify the equilibrium price and quantity before the change, and after the change.
Explain how the fall in electricity costs leads to the changes in equilibrium shown by the table.
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.