Edexcel IGCSE Economics 1.1.4.j calculate PES
Practise PES calculation questions by dividing percentage changes, showing working and rearranging for quantity supplied.
- Syllabus
- First assessment 2019
- Course
- Economics 4EC1
Exam points
- Calculate PES by dividing percentage change in quantity supplied by percentage change in price.
- Show working clearly and round the elasticity value to two decimal places when asked.
- Rearrange the PES formula to find the percentage change in quantity supplied.
1.1.4.j Calculating PES question 1
[Maximum number: 2]
A firm increases supply by 4.3% following a price increase of 3.7%.
Calculate, to two decimal places, the price elasticity of supply (PES) for the firm. You are advised to show your working.
AO2 2 marks
Award 1 mark for showing correct calculation 4.3\%/3.7\% (1)
Award 1 mark for correct price elasticity of supply = 1.16 (1)
Award 2 marks if price elasticity of supply is correctly calculated as 1.16, even if no calculations are shown
Do not award marks for a formula
(2)
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