Economics 9708 · AS & A Level · Price elasticity of supply
Explain whether you would expect the price elasticity of supply of an agricultural product, such as rice, in a market to be elastic or inelastic.
Discuss the extent to which a government is able to raise the supply of an agricultural product to an economy in the short-run and the long-run.
This 20-mark question has a full step-by-step worked solution and mark scheme. One marking point: “Knowledge and understanding of price elasticity of supply with both elastic and inelastic outcomes (clear grasp of the concept; the formula is not needed, though the explanation should make reference to it; the meanings of elastic and inelastic must be correct).” …