(a)[8]
Explain the factors that can affect the value of the price elasticity of supply for a product.
(b)[12]
Discuss whether income elasticity of demand is the most useful measure of elasticity to a firm.
Economics 9708 · AS & A Level · Price elasticity of supply
Price elasticity of supply — practice question
Worked solution & mark scheme
This 20-mark question has a full step-by-step worked solution and mark scheme. One marking point: “Knowledge and understanding: define price elasticity of supply (PES) as percentage change in quantity supplied divided by percentage change in price (Up to 2 marks).” …
- Full mark scheme, point by point
- Step-by-step worked solution
- Write your answer & get it marked instantly by AI