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2.3 Supply

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Question 3
a.

The price of ceramic tiles and the price of cut flowers each rise by 10%. Other conditions do not change. The table shows the weekly output of each product before and after the price rise.

ProductWeekly output beforeWeekly output after
Ceramic tiles800 crates1,040 crates
Cut flowers500 bunches525 bunches

Calculate the price elasticity of supply for each product. Show your working.

[4]
b.

Using your answers to (a), explain which product has the more price-elastic supply.

[2]
Markscheme

2.3 Supply Questions

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

81 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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