Edexcel IGCSE Economics 1.1.3.e supply curve diagram
Practise supply-curve questions by explaining price movements along the curve and how supply responsiveness affects outcomes.
- Syllabus
- First assessment 2019
- Course
- Economics 4EC1
Exam points
- Use a supply curve to explain how a price rise changes quantity supplied.
- Interpret a PES diagram to analyse why supply may respond weakly to a higher price.
1.1.3.e Movements and shifts on supply curves question 1
[Maximum number: 3]
Explain one effect on the supply curve of wheat following a change in the price of wheat.
In England, there has been an increase in the number of science, maths and modern language graduates. Some of these graduates choose to enter the teaching profession with these qualifications. Many are encouraged to do so by a government bonus payment of £ 9000, only available to graduates in these subjects. However, many do not stay in the profession for more than one or two years. This is due to problems of long working hours, bureaucracy and student behaviour. Those with science qualifications often find different types of employment quite easily.
(Source adapted from: https://www.theguardian.com/education/2019/oct/05/science-and-
language-teachers-to-get-9000-staying-on-bonus)
AO2 3 marks
Award 1 mark for identifying a relevant effect
Award 1 mark for developing the effect
Award 1 mark for the response being in context
- A price increase would increase the quantity supplied (1). An increase from $4.50 to $5.00 results in more units (1) because producers would increase profits (1)
- A price decrease would decrease the quantity supplied (1). A decrease from $4.50 to $4.00 results in fewer units (1) leading to a movement along the supply curve (1)
Accept any other appropriate response
(3)
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