The table shows weekly demand and supply in a town's market for hardback notebooks.
| Price per notebook (£) | Quantity demanded per week | Quantity supplied per week |
|---|---|---|
| 5 | 240 | 360 |
| 3 | 300 | 300 |
Calculate the excess supply when the price is £5.
Explain how the price of hardback notebooks, and the quantities demanded and supplied, are likely to change when the price starts at £5.
75 exam-style questions on OCR GCSE Economics 2.4 Price, covering 2.4.1 Price and distribution of resources, 2.4.2 Equilibrium price and quantity, 2.4.3 Draw the interaction of demand and supply, 2.4.4 Analyse the interaction of demand and supply, 2.4.5 Role of markets in allocating resources, and 2.4.6 Market forces and equilibrium. Each one has a worked solution and a mark scheme showing where the marks go.