Exam (elaborations)
A-level 2024 Economic Edexcel Paper 1 (Section A)
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A-level 2024 Economic Edexcel Paper 1 (Section A) Model answers
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SECTI1. The table below shows price elasticit
2021 Age 18+ Student Adult Price ela
(a) Explain one likely reason for the diff
demand for the 18+ student bus ticket a
Price elasticity of demand is the responsiv
change in price. The PED for student is les
price would have a impact of quantity dem
adults (PED-0.4) This may be because the
proportion of income for adults than studen
(b) In 2021, the adult 7-day bus ticket w
in 2022 increased by 4.8%. Ceteris parib
percentage decrease in the 7-day bus ti
1 0.08 B.1.92 C.3.36 D 12.00
, SECTI
2. The table below shows price elasticit
2020. US State Price elasticity of supply
adapted from: https://bankunderground
elasticity-of-us-housing-supply/)
Q02a With reference to the data above,
difference in the price elasticity of supp
Price elasticity of supply is the responsive
in price. New York has an inelastic PES o
1.8 This may be due to the avaliability of la
they need a higher cost and longer time to
In Texas the price elasticity of supply is
the percentage increase in price if the q
is increased by 12%? (1)
A 0.15
B 1.50
C 6.67
D 21.60
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