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I'll help create an SEO-optimized summary of this Economics exam paper. Let me break it down according to the pages provided.
The Edexcel Economics Paper 1 2017 mark scheme and related exam materials reveal a comprehensive assessment of markets and business behavior.
Key points:
03/08/2023
165
This page begins Section A of the exam, focusing on market data analysis for e-cigarette kits. Students are presented with a table showing:
The question describes changes in market conditions:
Example: The table shows how quantity demanded changes from 7,000 to 10,000 units at the original equilibrium price of £23 after the advertising campaign.
This page continues with questions related to the e-cigarette market data:
(a) Students must calculate the new equilibrium price and quantity after the market changes.
(b) The question introduces cross-elasticity of demand, using research from New Zealand that estimated the cross-elasticity of demand for e-cigarettes to be 0.16 in response to changes in tobacco prices.
Definition: Cross-elasticity of demand measures how the demand for one good changes in response to a price change in another related good.
Vocabulary: Equilibrium price is the price at which quantity demanded equals quantity supplied in a market.
This page presents data on the UK tea market between 2010 and 2015:
Students are asked to:
(a) Calculate the price elasticity of demand for tea, assuming the change in quantity was solely due to the price change.
(b) Calculate the change in total sales revenue for UK tea retailers between 2010 and 2015.
Example: The price elasticity calculation involves using the formula: PED = (% change in quantity demanded) / (% change in price)
This page concludes the tea market analysis with a multiple-choice question:
(c) Students must identify which elasticity measure would be negative for an inferior good like black tea in the UK.
Definition: An inferior good is one for which demand decreases as consumer income rises.
Highlight: Understanding the relationship between income and demand is crucial for analyzing consumer behavior in economics.
This page introduces a new scenario involving government intervention in the Indian cooking gas market:
Students are asked to:
(a) Calculate the total daily subsidy paid by the Indian government using the information provided in the diagram.
Vocabulary: A subsidy is a sum of money granted by the government to assist an industry or business, typically to keep prices low for consumers.
This page continues the analysis of the cooking gas subsidy in Mumbai:
(b) Students are asked to perform additional calculations related to the subsidy's impact on the market.
Highlight: This question tests students' ability to interpret economic diagrams and perform relevant calculations to assess the impact of government policies.
The Edexcel Economics Paper 1 2017 mark scheme demonstrates the importance of understanding market dynamics, elasticity concepts, and government interventions in microeconomics. This Edexcel A Level Economics past paper provides valuable practice for students preparing for future exams.
This page provides key details about the Edexcel Economics Paper 1 2017 exam:
The exam is divided into three sections, with students required to answer all questions in Sections A and B, plus one question from Section C. Students are advised to use black ink or ballpoint pen and carefully read each question before answering.
Highlight: This paper tests students' knowledge of microeconomics concepts and their ability to apply them to real-world scenarios.
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Los
@los
·
187 Followers
Follow
I'll help create an SEO-optimized summary of this Economics exam paper. Let me break it down according to the pages provided.
The Edexcel Economics Paper 1 2017 mark scheme and related exam materials reveal a comprehensive assessment of markets and business behavior.
Key points:
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This page begins Section A of the exam, focusing on market data analysis for e-cigarette kits. Students are presented with a table showing:
The question describes changes in market conditions:
Example: The table shows how quantity demanded changes from 7,000 to 10,000 units at the original equilibrium price of £23 after the advertising campaign.
Access to all documents
Improve your grades
Join milions of students
By signing up you accept Terms of Service and Privacy Policy
This page continues with questions related to the e-cigarette market data:
(a) Students must calculate the new equilibrium price and quantity after the market changes.
(b) The question introduces cross-elasticity of demand, using research from New Zealand that estimated the cross-elasticity of demand for e-cigarettes to be 0.16 in response to changes in tobacco prices.
Definition: Cross-elasticity of demand measures how the demand for one good changes in response to a price change in another related good.
Vocabulary: Equilibrium price is the price at which quantity demanded equals quantity supplied in a market.
Access to all documents
Improve your grades
Join milions of students
By signing up you accept Terms of Service and Privacy Policy
This page presents data on the UK tea market between 2010 and 2015:
Students are asked to:
(a) Calculate the price elasticity of demand for tea, assuming the change in quantity was solely due to the price change.
(b) Calculate the change in total sales revenue for UK tea retailers between 2010 and 2015.
Example: The price elasticity calculation involves using the formula: PED = (% change in quantity demanded) / (% change in price)
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Join milions of students
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This page concludes the tea market analysis with a multiple-choice question:
(c) Students must identify which elasticity measure would be negative for an inferior good like black tea in the UK.
Definition: An inferior good is one for which demand decreases as consumer income rises.
Highlight: Understanding the relationship between income and demand is crucial for analyzing consumer behavior in economics.
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Improve your grades
Join milions of students
By signing up you accept Terms of Service and Privacy Policy
This page introduces a new scenario involving government intervention in the Indian cooking gas market:
Students are asked to:
(a) Calculate the total daily subsidy paid by the Indian government using the information provided in the diagram.
Vocabulary: A subsidy is a sum of money granted by the government to assist an industry or business, typically to keep prices low for consumers.
Access to all documents
Improve your grades
Join milions of students
By signing up you accept Terms of Service and Privacy Policy
This page continues the analysis of the cooking gas subsidy in Mumbai:
(b) Students are asked to perform additional calculations related to the subsidy's impact on the market.
Highlight: This question tests students' ability to interpret economic diagrams and perform relevant calculations to assess the impact of government policies.
The Edexcel Economics Paper 1 2017 mark scheme demonstrates the importance of understanding market dynamics, elasticity concepts, and government interventions in microeconomics. This Edexcel A Level Economics past paper provides valuable practice for students preparing for future exams.
Access to all documents
Improve your grades
Join milions of students
By signing up you accept Terms of Service and Privacy Policy
This page provides key details about the Edexcel Economics Paper 1 2017 exam:
The exam is divided into three sections, with students required to answer all questions in Sections A and B, plus one question from Section C. Students are advised to use black ink or ballpoint pen and carefully read each question before answering.
Highlight: This paper tests students' knowledge of microeconomics concepts and their ability to apply them to real-world scenarios.
Access to all documents
Improve your grades
Join milions of students
By signing up you accept Terms of Service and Privacy Policy
Access to all documents
Improve your grades
Join milions of students
By signing up you accept Terms of Service and Privacy Policy
Access to all documents
Improve your grades
Join milions of students
By signing up you accept Terms of Service and Privacy Policy
Average app rating
Pupils love Knowunity
In education app charts in 12 countries
Students have uploaded notes
iOS User
Philip, iOS User
Lena, iOS user
