Elasticity of supply

Q2(a) Using the data given, explain what value oil's price elasticity of supply is likely to take, given North Sea licences and 20-year extraction lead times.

Q6(c) Using Extract B's final paragraph, explain two things that shape price elasticity of supply.

Q10 Work out how responsive green coffee bean output was to the price change between February 2023 and February 2024.

Q12(c) Contrast responsive with unresponsive supply, drawing on the extract about how long new container ships take to build.

Q12(c) Explain what price inelastic supply means for cocoa over shorter and longer periods, using the elasticity estimates.

Q12(c) Explain how responsive nuclear reactor supply is to price, given build times averaging 7.5 years.

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%.

Q6 Work out the supply response for new Chinese houses when prices fall 2.1% and supply elasticity is 2.8.

Q10 Work out how responsive olive oil supply is to price, from world output and price for 2021 and 2022.

Q10 Work out how responsive cocoa supply is to price, using world price and tonnage figures for 2020 and 2021.

Q12(b) Explain whether phosphate rock supply responds much to price, using the fertiliser production extract.

Q2(a) Drawing on the data, set out one influence on gas's price elasticity of supply, given US output fell in 2021 while prices climbed.

Q2(b) Given a price elasticity of supply of +0.14 and price elasticity of demand of −0.10 for natural gas, identify which statement can be inferred.

Q12(c) Explain, drawing on Extract B, what makes newly built housing supply price inelastic.

Q4 Using a diagram of the Chinese market for 300g boxes of raisins, identify the price elasticity of supply when demand shifts from D to D1.

Q12(b) Explain what Extract A's second paragraph means by 'the supply of semiconductors is inelastic'.

Q5(a) Give one reason flour millers struggled to lift output quickly once demand jumped in March 2020.

Q5(b) Ice cream has PES of +1.5; after a 10% price rise, which supply change follows? (0.15% / 1.5% / 6.67% / 15%)

Q6(b) Drawing on Figure 2 and price elasticity theory, examine two reasons why world coffee bean prices swing sharply.

Q10 Using a table of average world wheat prices and quantity supplied in 2019 and 2020, calculate the price elasticity of supply, showing workings.

Q10 Using a table of average coffee bean prices and quantity supplied in 2019 and 2020, calculate the price elasticity of supply, showing workings.

Q12(c) Extract B opens by calling rubber supply price inelastic; explain what that description actually means.

Q12(b) Drawing on Extract A, explain one factor affecting sugar's price elasticity of supply.

Q14 Gold's world price climbed to $1 481 an ounce from $1 275, yet output barely moved from 888.8 tonnes to 889.5: evaluate why gold supply is price inelastic.

Q12(d) Examine the price elasticity of supply palm oil probably shows, drawing on Figure 2 and Extract A.

Q12(b) Set out the meaning of 'inelastic supply', drawing supporting evidence from Figure 1 and Extract A.

Q5 Given estimated supply elasticities for cotton in Australia, Egypt, India and Mexico, choose the correct statement about how responsive supply is to price.

Q1(a) Work out supply price elasticity for newly built homes, using the 5.4% price rise and output moving from 134 612 in 2016 to 162 880 in 2017.

Q1(b) Housebuilding jumps 10% when new build prices rise 2.5%; state what this implies about supply, other things equal (perfectly elastic / perfectly inelastic / relatively elastic / relatively inelastic).

Q1(c) Set out one determinant of how responsive the supply of newly built housing is to price, i.e. its price elasticity of supply.

Q6 Estimates of the price elasticity of supply for wheat, rice and corn are tabulated; pick the statement they support.

Q12(b) Drawing on Extract A, identify and explain one influence on how responsive cocoa bean supply is to price, i.e. its PES.

Q6(b) Drawing on Extract A plus your own knowledge, assess how elastic uranium supply is with respect to price.

Q6(a) Using Figure 1, explain why new housing's price elasticity of supply might vary so much from one country to another.