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2.3 Supply

2.3 Supply

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Question 3

A product's price increases from £25 to £30 and quantity supplied rises from 400 to 440 units. Using percentage changes from the original values, what is the price elasticity of supply?

[1]
A

0.5

B

1.0

C

2.0

D

4.0

Markscheme

2.3 Supply Questions

  1. GCSE
  2. /Economics
  3. /2.3 Supply

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.

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