Exam (elaborations)
Edexcel A-Level Economics (A) 2024 Paper 1
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Edexcel A-Level Economics (A) 2024 Paper 1
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Please check the examination details below before entering your candidate informationCandidate surname Other names
Centre Number Candidate Number
Pearson Edexcel Level 3 GCE
Wednesday 15 May 2024
Morning (Time: 2 hours) Paper
reference 9EC0/01
Economics A
Advanced
PAPER 1: Markets and business behaviour
You must have a calculator. Total Marks
Instructions
• Use black ink or ball-point pen.
• Fill in the boxes at the top of this page with your name, centre number
and candidate number.
• There are three sections in this question paper. Answer all questions from
Section A and Section B. Answer one question from Section C.
• Answer the questions in the spaces provided
– there may be more space than you need.
• Calculators may be used.
Information
• The total mark for this paper is 100.
• The marks for each question are shown in brackets
– use this as a guide as to how much time to spend on each question.
Advice
• Read each question carefully before you start to answer it.
• Checkanswer
Try to every question.
• your answers if you have time at the end.
Turn over
P73999A
©2024 Pearson Education Ltd.
F:1/1/1/1/1/1/1/1/1
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, SECTION A
Answer ALL questions. Write your answers in the spaces provided.
DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA
Some questions must be answered with a cross in a box . If you change your mind about
an answer, put a line through the box and then mark your new answer with a cross .
You are advised to spend 30 minutes on this section.
Use the data to support your answers where relevant.
You may annotate and include diagrams in your answers.
1 The table below shows price elasticity of demand for bus tickets in London 2021
Age Price elasticity of demand
18+ Student −0.7
Adult −0.4
(Source adapted from: https://assets.publishing.service.gov.uk/government/uploads/
system/uploads/attachment_data/file/669090/youth-travel-concessions-price-elasticity.pdf
and https://tfl.gov.uk/fares/find-fares/bus-and-tram-fares#on-this-page-4)
(a) Explain one likely reason for the difference in the price elasticity of demand for the
18+ student bus ticket and the adult bus ticket.
(4)
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(b) In 2021, the adult 7-day bus ticket was £21.90. Bus ticket prices in London in 2022
increased by 4.8%. Ceteris paribus, which one of the following is the percentage
decrease in the 7-day bus ticket demand by adults?
(1)
A 0.08
B 1.92
C 3.36
D 12.00
(Total for Question 1 = 5 marks)
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, 2 The table below shows price elasticity of supply for housing in the US in 2020.
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US State Price elasticity of supply
New York +0.5
Texas +1.8
(Source adapted from: https://bankunderground.co.uk/2020/02/25/
the-declining-elasticity-of-us-housing-supply/)
(a) With reference to the data above, explain one likely reason for the difference in
the price elasticity of supply.
(4)
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