Price Determination in Competitive Markets (AQA A Level Economics): Exam Questions

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

Using the data in Extract D (Figure 3), calculate the amount of government funding per £ of passenger income in the UK rail industry for the year 2015–16. Give your answer correct to the nearest penny

Explain how the data in Extract D (Figure 4) show that in the UK, between 2004 and 2017, changes in the demand for rail travel contributed to changes in the price of rail travel

Explain how the data in Extract A (Figure 1 and Table 1) show that the supply of university and private rental accommodation has failed to match the increase in student numbers between 2015 and 2021.

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.

Explain how the data in Extract A (Table 1 and Figure 1) show that developments in the car market are the main reason for the changing demand for lithium-ion batteries in the UK.

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.

Explain how the data in Extract A (Figure 2) show that greater competition leads to lower prices in the market for generic drugs.

Explain how the concept of cross elasticity of demand can be used to understand the relationship between markets.