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Edexcel A-Level Economics (A) 2024 Paper 3 Mark Scheme
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Edexcel A-Level Economics (A) 2024 Paper 3 Mark Scheme
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Summer 2024
Pearson Edexcel GCE A Level
In Economics A (9EC0)
Paper 03 Micro and Macro Economics
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Summer 2024
Question Paper Log 74001
Publications Code 9EC0_03_2406_MS
All the material in this publication is copyright
© Pearson Education Ltd 2024
,General Marking Guidance
● All candidates must receive the same treatment. Examiners must mark
the first candidate in exactly the same way as they mark the last.
● Mark schemes should be applied positively. Candidates must be
rewarded for what they have shown they can do rather than penalised
for omissions.
● Examiners should mark according to the mark scheme not according to
their perception of where the grade boundaries may lie.
● There is no ceiling on achievement. All marks on the mark scheme
should be used appropriately.
● All the marks on the mark scheme are designed to be awarded.
Examiners should always award full marks if deserved, i.e. if the answer
matches the mark scheme. Examiners should also be prepared to award
zero marks if the candidate’s response is not worthy of credit according
to the mark scheme.
● Where some judgement is required, mark schemes will provide the
principles by which marks will be awarded and exemplification may be
limited.
● When examiners are in doubt regarding the application of the mark
scheme to a candidate’s response, the team leader must be consulted.
● Crossed out work should be marked UNLESS the candidate has replaced
it with an alternative response.
, Question Answer Mark
Number
1(a) Knowledge 2, Application 2, Analysis 1
Knowledge/implicit understanding and analysis:
up to 3 marks e.g.
● The percentage change in quantity demanded is
less responsive to a change in price (1)
● Is relatively low e.g. between 0 and -1 (or 0 and 1)
/ PED<1 (1)
● Diagram showing price inelastic demand (1)
● An increase in price will result in an increase in total
revenue (1)
● Reference to a characteristic e.g necessity, small
proportion of income, few substitutes (1)
Application: up to 2 marks e.g.
● UK consumers use gas for 85% of central
heating/’are some of the biggest user of gas’ (1)
● Gas generates a third of UK electricity (1)
● There is no substitute for energy, at least in the
short run (1)
● Calculation of price change as percentage or
percentage points (1)
● Rise from around 50p per therm in Feb 2021 to (5)
352p per therm in Dec 2021 (1)
● ‘An almost perfect example of price inelastic
demand’ (Extract A lines 7-8)
Question Answer Mark
Number
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