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Edexcel A-Level Economics AS 2.3.3 2a Factors Influencing Sras Changes in Sras Costs of Raw Materials and Energy Questions

Use Edexcel IAL Economics 2.3.3.2a evidence to draw SRAS shifts after cost changes and show how the equilibrium price level and real output change.

Syllabus
First assessment 2019
Course
Economics YEC11
Level
AS

Exam points

  • draw and interpret an SRAS shift after an energy-price change, showing the resulting price level and real output

Edexcel A-Level Economics AS 2.3.3 2a Factors Influencing Sras Changes in Sras Costs of Raw Materials and Energy Questions question 1

[Maximum number: 4]

Between January 2014 and September 2020 the price of natural gas fell from $ 5.60 per cubic foot to $ 1.66 per cubic foot. Natural gas is an important source of energy for Japanese producers.

Draw a SRAS and AD diagram to show the effect of the decrease in the price of natural gas on the price level and real output for Japan.

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