A-level · June 2024 · Paper 1
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Explain one likely reason for the difference in the price elasticity of demand for the 18+ student bus ticket and the adult bus ticket.
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In 2021, the adult 7-day bus ticket was £21.90. Bus ticket prices in London in 2022 increased by 4.8%. Ceteris paribus, which one of the following is the percentage decrease in the 7-day bus ticket demand by adults?
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With reference to the data above, explain one likely reason for the difference in the price elasticity of supply.
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In Texas the price elasticity of supply is +1.8. Which one of the following is the percentage increase in price if the quantity of housing supplied in Texas is increased by 12%?
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Draw a cost and revenue diagram to illustrate the different business objectives: profit maximisation and revenue maximisation.
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If Peloton changes its objective to sales maximisation, then without making a loss, it operates at an output where:
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Explain one likely reason for the maximum price for an undergraduate university programme.
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Which one of the following is an example of government failure associated with the maximum price?
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With reference to the information on the preceding page, explain the market structure of mortgage lending in the UK.
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The value of all mortgage loans was £1 601 billion at the end of 2020. Which one of the following is the value of Lloyds’ market share?
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Case study · The electronics industry
With reference to Extract A, explain the likely reasons for the change in price of electronic devices. Include a supply and demand diagram in your answer.
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Case study · The electronics industry
Examine two factors which might influence the supply of labour in the electronics industry.
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Case study · The electronics industry
Assess whether firms in the electronics industry benefit from economies of scale.
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Case study · The electronics industry
Discuss the likely concerns of the competition authorities regarding the proposed merger of the two companies referred to in Extract C.
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Case study · The electronics industry
With reference to Extract D, discuss possible methods of government intervention to reduce electronic waste.
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Evaluate the microeconomic effects of rising energy bills on the hotel industry or an industry of your choice.
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Evaluate the level of contestability in the fragrance industry or another industry of your choice.
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