Edexcel economics unit 1 and 2 retakes

What other multiple choice questions were there

There was the question on PED and price falling from 600 to 500 - I calculated the PED for the initial price change and came to the conclusion that demand was price elastic. I said that an increase in price will lead to a fall in revenue as a rise in price will lead to a more than proportionate fall in demand and hence, revenue.

There was the question on PED and price falling from 600 to 500 - I calculated the PED for the initial price change and came to the conclusion that demand was price elastic. I said that an increase in price will lead to a fall in revenue as a rise in price will lead to a more than proportionate fall in demand and hence, revenue.

But the revenue increased from £100,000 to £180,000 and how would you calculate PED without figures of changes in quantity demanded ?

But the revenue increased from £100,000 to £180,000 and how would you calculate PED without figures of changes in quantity demanded ?

Didn't it say the price rose from £500 to £600?

There were figures on the diagram - i.e. price falling from £600 to £500 and demand rising from 200 to 300. The figures were there.

yes, which lead to a decrease in revenue because demand is elastic

What data response did you do..

I did the one about iron ores. I think most of the multiple choice questions were good. What did everyone put for the buffer stock scheme question? I said the government will sell wheat from its stockpile as in 2016 it had a bad harvest.

For the YED question I said that the income elasticity ofdemand I think was it for fish was greater than the other one (I can't remember all the meats)- I put down D. For the very first question I also put D as producing more capital goods results in long term economic growth. For the producer surplus I said technology will increase producer surplus as costs of production will be lower.

Does anyone remember the other MCQ's??

Didn't it say the price rose from £500 to £600?

yes, which lead to a decrease in revenue because demand is elastic

Yes, after the initial price rise - I think we're meant to calculate the initial PED value.

But revenue increased from £100,000 to 180,000.

Originally at the price or £500, 200 was quantity demanded =£100,000

The new price
of £600, 300 was the quantity demanded, =180,000

For the producer surplus one, I put down successful advertising as my diagram after showing an outward shift in demand increased my producer surplus. A rise in supply, caused by a rise in supply, will lead to a fall in producer surplus.

The iron ores question was alright.

From what I can remember, I think it said a successful advertising campaign for tea so it would cause a decrease in demand for coffee. I think I put the increase in technology for coffee production as from the diagram I drew, the surplus did look a bit bigger but it
could be wrong.

But revenue increased from £100,000 to 180,000.

Originally at the price or £500, 200 was quantity demanded =£100,000

The new price of £600, 300 was the quantity demanded, =180,000

Quantity was 200 at £600
Quantity was 300 at £500

Yes, after the initial price rise - I think we're meant to calculate the initial PED value.