9 questions on The Determination of Equilibrium Market Prices (AQA specification 1.3.5) from the A-Level Economics papers, 2019–2024. Every question links to the official mark scheme at the page its answer begins on.
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Inflation resulted in a basket of goods and services that cost £100 in 2015 costing £112 in 2021. Using this information and the data in Extract A (Table 1), calculate the percentage increase in average university rent, in real terms, between 2015 and 2021. Give your answer to one decimal place.
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
Using the data in Extract D (Figure 3), calculate, in percentage terms, how much more expensive a basket of groceries at Waitrose was than at Lidl in April 2020. Give your answer as a percentage to two decimal places.
Using the data in Extract A (Figure 1), calculate the percentage change in the price of construction sand between January 2014 and January 2018. Give your answer correct to one decimal place.
Explain how the data in Extract A (Figures 1 and 2) show that expansion in the global sand market is leading to prices of construction sand rising in real terms.
Extract B (line 18) states that the global trade in sand has been ‘made possible by cheaper transportation’. With the help of a diagram, explain how cheaper transportation and a construction boom in East Asia have led to growth in the market for sand.
1.3.1 Determinants of Demand · 1.3.5 Equilibrium Market Prices
To what extent, if at all, do the data suggest that houses in the UK were more affordable in 2017 than they were in 2007? You must use the data in Extract C to support your assessment.
Explain the likely causes of the main changes in house prices that have taken place between 2007 and 2017.
1.3.5 Equilibrium Market Prices · 1.3.1 Determinants of Demand
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