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2 questions on Price Elasticity of Supply (AQA specification 1.3.4) from the A-Level Economics papers, 2023–2024. Every question links to the official mark scheme at the page its answer begins on.
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Extract B (lines 3–4) states that ‘Universities have expanded the number of places on offer to students, but the supply of student accommodation is highly inelastic’. With the help of a diagram, explain the impact of the increase in the number of students attending university on the market for student accommodation.
1.3.5 Equilibrium Market Prices · 1.3.4 Price Elasticity of Supply
Explain possible reasons for fluctuations in the world market price of tea.
1.3.5 Equilibrium Market Prices · 1.3.4 Price Elasticity of Supply
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