AS & A Level / Economics / Demand, supply and elasticities Question practice
Demand, supply and elasticities About this practice Original, unofficial practice. Evaluative marking points are indicative: credit equivalent justified arguments, one point per distinct criterion, without double counting.
Accept equivalent valid methods and supported interpretations that address the task. Award each mark once; matching the model wording is not required.
Economics Demand, supply and elasticities
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1 A fall in the price of tea increases tea purchases. Explain why this is not itself an increase in demand. Easy 2 marks No calculator + 2 Fictional market: Qd = 120 - 2P and Qs = 20 + 3P, where quantities are units per day and P is currency units. Calculate equilibrium price and quantity. Easy 3 marks Calculator + 3 Fictional case: Sora raises ticket prices from 10 to 12; sales fall from 1000 to 850. Using initial values as percentage-change bases, calculate PED and both revenues; explain the revenue change. Medium 4 marks Calculator + 4 Fictional case: the price of bus travel rises 8% and demand for rail travel rises 12%, with other determinants fixed. Calculate cross elasticity and analyse what could weaken the inference that the modes are substitutes if the ceteris paribus assumption fails. Medium 4 marks Calculator + 5 Fictional case: a city caps rents below equilibrium while housing supply responds slowly. Evaluate whether the cap alone can improve access for all prospective tenants. Hard 4 marks No calculator + 6 Fictional case: Mira's fuel demand is inelastic initially but households can switch to electric transport over several years. Evaluate using the initial elasticity to forecast long-term revenue from a fuel-price rise. Hard 4 marks No calculator + Self-assessed Not marked yet
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Original questions, not official past papers. Marking guidance is indicative, not an official answer key. Check your exam-board specification.
