4 marks
Q1(a) Give one reason why London's 18+ student bus fare (−0.7) shows different demand elasticity from the adult fare (−0.4).
Edexcel · 9EC0 / 8EC0 / WEC11–14
All 17 questions from the Edexcel A Level Paper 1, June 2024 Economics paper (9EC0 / 8EC0 / WEC11–14), worth 125 marks in total. The main topics tested are Elasticity (2), Elasticity of supply (2), Business objectives (2), Government intervention (2).
Each question is summarised in our own words with its mark tariff, command word and specification point, and links through to the official paper.
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Q1(a) Give one reason why London's 18+ student bus fare (−0.7) shows different demand elasticity from the adult fare (−0.4).
Q1(b) Given a 4.8% increase in London bus ticket prices in 2022 and an adult PED of −0.4, identify the percentage decrease in adult demand for the 7-day bus ticket.
Q2(a) Explain one cause of the gap in supply elasticity between New York (+0.5) and Texas (+1.8) housing.
Q2(b) With Texas supply elasticity at +1.8, work out the price rise needed for housing supplied to grow 12%.
Q3(a) Sketch a cost and revenue diagram contrasting profit maximisation with revenue maximisation, given Peloton's focus on fitness services ahead of near-term profit.
Q3(b) State the output rule Peloton would follow if it switched to loss-free sales maximisation (AC = AR / lowest AC / PED = −1 / price = MC).
Q4(a) Give one reason a ceiling price applies to undergraduate degrees, as with England's £9 250 tuition fee cap.
Q4(b) Identify which outcome illustrates government failure under that price ceiling (demand contraction / distorted price signals / surplus / supply extension).
Q5(a) Using 2020 market share figures for Britain's biggest mortgage lenders, explain how that lending market is structured.
Q5(b) Calculate what Lloyds' share was worth when total UK mortgage lending stood at £1 601 billion in late 2020.
Q6(a) Explain, using Extract A plus a supply and demand diagram, why electronic device prices moved as chip prices climbed past $1 from $0.20.
Q6(b) Examine two things capable of shifting how much labour is offered to the electronics industry.
Q6(c) Assess the extent to which firms making electronic components genuinely gain from economies of scale.
Q6(d) Discuss why competition regulators might worry about the Nvidia–ARM takeover described in Extract C.
Q6(e) Drawing on Extract D, discuss the forms of government intervention available for cutting electronic waste.
Q7 Evaluate microeconomic consequences of dearer energy for hotels or another industry you select, with a Scarborough hotel now paying £8 000 monthly rather than £2 000.
Q8 Evaluate how contestable the fragrance market is, or an industry you choose, after TikTok owner ByteDance launched its own perfume.
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