A severe storm reduces the catch landed by fishing boats. In the short run, boats cannot be replaced quickly and fish cannot be stored for long. A seafood processor depends on a regular supply of fish. Evaluate the importance of price elasticity of supply to the fishing businesses, seafood processor and consumers after the storm.
36 exam-style questions on OCR GCSE Economics 2.3 Supply, covering 2.3.1 What is supply, 2.3.2 Draw a supply curve using data, 2.3.3 Explain a supply curve, 2.3.4 Shifts and movements of the supply curve, 2.3.5 Causes and consequences of supply changes, 2.3.6 Price elasticity of supply, 2.3.7 Draw supply curves of different elasticity, and 2.3.8 Importance of price elasticity of supply. Each one has a worked solution and a mark scheme showing where the marks go.