A market for window-cleaning visits has the following demand and supply schedule before and after increases in both demand and supply. Quantities are visits per week.
| Price per visit | Quantity demanded before | Quantity supplied before | Quantity demanded after | Quantity supplied after |
|---|---|---|---|---|
| £20 | 400 | 100 | 460 | 200 |
| £30 | 300 | 150 | 360 | 360 |
| £40 | 200 | 200 | 260 | 500 |
Using the table, calculate the change in equilibrium price and the change in equilibrium quantity.
Explain why the change in equilibrium price calculated in part (a) would not necessarily occur in every market where demand and supply both increase.
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.