Please check the examination details below before entering your candidate information
Candidate surname Other names
Centre Number Candidate Number
Pearson Edexcel International Advanced Level
Thursday 7 May 2026
Afternoon (Time: 1 hour 45 minutes) Paper
reference WEC11/01
Mark Scheme
Economics
(Results)
International Advanced Subsidiary
UNIT 1: Markets in action
You must have:
Source Booklet (enclosed)
Total Marks Summer 2026
Instructions
•• Use black ink or ball-point pen.
Fill in the boxes at the top of this page with your name, Pearson Edexcel International Advanced Level in Economics
centre number and candidate number.
•• Answer ALL questions in Sections A, B and C. WEC11/01
Answer ONE question in Section D. Unit 1: Markets in Action
• Answer the questions in the spaces provided
– there may be more space than you need.
Information
•• The total mark for this paper is 80.
The marks for each question are shown in brackets
– use this as a guide as to how much time to spend on each question.
• Calculators may be used.
Advice
•• Read each question carefully before you start to answer it.
Check your answers if you have time at the end.
Turn over
P79712APearson Education Ltd.
P:1/1/1/
*P79712A0128*
, Edexcel and BTEC Qualifications
SECTION A
Answer ALL questions in this section.
DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA
DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA
Edexcel and BTEC qualifications are awarded by Pearson, the UK’s
Questions must be answered with a cross in a box . If you change your mind about an answer, largest awarding body. We provide a wide range of qualifications
put a line through the box and then mark your new answer with a cross . including academic, vocational, occupational and specific
programmes for employers. For further information visit our
1 A money expert calculated that a consumer who remained loyal to the same bank for
15 years could have gained an extra $7 000 of interest by switching from one bank qualifications websites at or .
to another. Alternatively, you can get in touch with us using the details on our
contact us page at
Which one of the following best explains why a consumer may remain loyal to a
particular bank?
A The consumer is maximising utility
B The consumer is not feeling valued by their current bank
C The consumer exhibits habitual behaviour Pearson: helping people progress, everywhere
D The consumer has expert computational skills Pearson aspires to be the world’s leading learning company. Our aim is to help
(Total for Question 1 = 1 mark) everyone progress in their lives through education. We believe in every kind of
learning, for all kinds of people, wherever they are in the world. We’ve been
2 Rice and chicken are complements. involved in education for over 150 years, and by working across 70 countries, in
100 languages, we have built an international reputation for our commitment to
Which one of the following shows a value of cross elasticity of demand high standards and raising achievement through innovation in education. Find out
for complements?
more about how we can help you and your students at:
A –0.5
B 0.0
C 0.8
D 3.0
(Total for Question 2 = 1 mark)
Summer 2026
Question Paper Log Number P79712A
Publication Code WEC11_01_2606_MS
All the material in this publication is
Pearson Education Ltd
2
*P79712A0228*
, 3 Which one of the following best describes diminishing marginal utility?
General Marking Guidance
A Total utility falls at an increasing rate as the quantity consumed increases
DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA
DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA
• All candidates must receive the same treatment. Examiners must mark the
B Total utility rises at a decreasing rate as the quantity consumed increases first candidate in exactly the same way as they mark the last.
C Total utility rises at an increasing rate as the quantity consumed increases • Mark schemes should be applied positively. Candidates must be rewarded
D Total utility falls at a decreasing rate as the quantity consumed increases for what they have shown they can do rather than penalised for omissions.
• Examiners should mark according to the mark scheme not according to
(Total for Question 3 = 1 mark)
their perception of where the grade boundaries may lie.
• There is no ceiling on achievement. All marks on the mark scheme should be
used appropriately.
• All the marks on the mark scheme are designed to be awarded. Examiners
should always award full marks if deserved, i.e. if the answer matches the
mark scheme. Examiners should also be prepared to award zero marks if
the candidate’s response is not worthy of credit according to the mark
scheme.
• Where some judgement is required, mark schemes will provide the
principles by which marks will be awarded and exemplification may be
limited.
• When examiners are in doubt regarding the application of the mark scheme
to a candidate’s response, the team leader must be consulted.
• Crossed out work should be marked UNLESS the candidate has replaced it
with an alternative response.
3
*P79712A0328* Turn over
, Section A
Question Quantitative skills assessed Answer Mark
4 The chart shows how electricity was generated by high-income countries in 2023. 1 QS9: Interpret, apply and The only correct answer is C
analyse information in (1)
written, graphical, tabular and A is not correct because if a consumer is
DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA
DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA
numerical forms maximising utility they would switch to
Other
Coal another bank for a better deal
renewables
19% B is not correct because a consumer
16%
who does not feel valued by their
Solar current bank would likely switch to
6% another bank
D is not correct because a consumer
Wind with expert computational skills would
9% calculate the substantial savings from
switching
Gas
Hydro 35%
2 QS8: Make calculations of The only correct answer is A
11%
elasticity and interpret the (1)
Oil result B is not correct because this would be
4% the value of cross elasticity of demand
QS9: Interpret, apply and for unrelated goods
analyse information in C is not correct because this would be
Which one of the following can be deduced from the chart? written, graphical, tabular and the cross elasticity of demand for a
numerical forms substitute
A H
igh-income countries generated 58% of electricity using renewable D is not correct because this would be
energy resources the cross elasticity of demand for a
close substitute
B High-income countries generated 42% of electricity using non-renewable
energy resources
C High-income countries generated more electricity using renewable 3 QS9: Interpret, apply and The only correct answer is B
energy resources than non-renewable energy resources analyse information in (1)
written, graphical, tabular and A is not correct because this is
D H
igh-income countries generated more electricity using non-renewable numerical forms decreasing and not diminishing
energy resources than renewable energy resources marginal utility
C is not correct because this would
(Total for Question 4 = 1 mark)
show increasing marginal utility
D is not correct because this is
decreasing and not diminishing
marginal utility
4 QS4: Construct and interpret The only correct answer is D
a range of standard graphical (1)
forms A is not correct because high-income
QS9: Interpret, apply and countries generated 58% of electricity
analyse information in using non-renewable energy resources
written, graphical, tabular and B is not correct because high-income
numerical forms countries generated 42% of electricity
using renewable energy resources
C is not correct because high-income
countries only generated 42% of
electricity using renewable energy
resources
4
*P79712A0428*
Candidate surname Other names
Centre Number Candidate Number
Pearson Edexcel International Advanced Level
Thursday 7 May 2026
Afternoon (Time: 1 hour 45 minutes) Paper
reference WEC11/01
Mark Scheme
Economics
(Results)
International Advanced Subsidiary
UNIT 1: Markets in action
You must have:
Source Booklet (enclosed)
Total Marks Summer 2026
Instructions
•• Use black ink or ball-point pen.
Fill in the boxes at the top of this page with your name, Pearson Edexcel International Advanced Level in Economics
centre number and candidate number.
•• Answer ALL questions in Sections A, B and C. WEC11/01
Answer ONE question in Section D. Unit 1: Markets in Action
• Answer the questions in the spaces provided
– there may be more space than you need.
Information
•• The total mark for this paper is 80.
The marks for each question are shown in brackets
– use this as a guide as to how much time to spend on each question.
• Calculators may be used.
Advice
•• Read each question carefully before you start to answer it.
Check your answers if you have time at the end.
Turn over
P79712APearson Education Ltd.
P:1/1/1/
*P79712A0128*
, Edexcel and BTEC Qualifications
SECTION A
Answer ALL questions in this section.
DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA
DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA
Edexcel and BTEC qualifications are awarded by Pearson, the UK’s
Questions must be answered with a cross in a box . If you change your mind about an answer, largest awarding body. We provide a wide range of qualifications
put a line through the box and then mark your new answer with a cross . including academic, vocational, occupational and specific
programmes for employers. For further information visit our
1 A money expert calculated that a consumer who remained loyal to the same bank for
15 years could have gained an extra $7 000 of interest by switching from one bank qualifications websites at or .
to another. Alternatively, you can get in touch with us using the details on our
contact us page at
Which one of the following best explains why a consumer may remain loyal to a
particular bank?
A The consumer is maximising utility
B The consumer is not feeling valued by their current bank
C The consumer exhibits habitual behaviour Pearson: helping people progress, everywhere
D The consumer has expert computational skills Pearson aspires to be the world’s leading learning company. Our aim is to help
(Total for Question 1 = 1 mark) everyone progress in their lives through education. We believe in every kind of
learning, for all kinds of people, wherever they are in the world. We’ve been
2 Rice and chicken are complements. involved in education for over 150 years, and by working across 70 countries, in
100 languages, we have built an international reputation for our commitment to
Which one of the following shows a value of cross elasticity of demand high standards and raising achievement through innovation in education. Find out
for complements?
more about how we can help you and your students at:
A –0.5
B 0.0
C 0.8
D 3.0
(Total for Question 2 = 1 mark)
Summer 2026
Question Paper Log Number P79712A
Publication Code WEC11_01_2606_MS
All the material in this publication is
Pearson Education Ltd
2
*P79712A0228*
, 3 Which one of the following best describes diminishing marginal utility?
General Marking Guidance
A Total utility falls at an increasing rate as the quantity consumed increases
DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA
DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA
• All candidates must receive the same treatment. Examiners must mark the
B Total utility rises at a decreasing rate as the quantity consumed increases first candidate in exactly the same way as they mark the last.
C Total utility rises at an increasing rate as the quantity consumed increases • Mark schemes should be applied positively. Candidates must be rewarded
D Total utility falls at a decreasing rate as the quantity consumed increases for what they have shown they can do rather than penalised for omissions.
• Examiners should mark according to the mark scheme not according to
(Total for Question 3 = 1 mark)
their perception of where the grade boundaries may lie.
• There is no ceiling on achievement. All marks on the mark scheme should be
used appropriately.
• All the marks on the mark scheme are designed to be awarded. Examiners
should always award full marks if deserved, i.e. if the answer matches the
mark scheme. Examiners should also be prepared to award zero marks if
the candidate’s response is not worthy of credit according to the mark
scheme.
• Where some judgement is required, mark schemes will provide the
principles by which marks will be awarded and exemplification may be
limited.
• When examiners are in doubt regarding the application of the mark scheme
to a candidate’s response, the team leader must be consulted.
• Crossed out work should be marked UNLESS the candidate has replaced it
with an alternative response.
3
*P79712A0328* Turn over
, Section A
Question Quantitative skills assessed Answer Mark
4 The chart shows how electricity was generated by high-income countries in 2023. 1 QS9: Interpret, apply and The only correct answer is C
analyse information in (1)
written, graphical, tabular and A is not correct because if a consumer is
DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA
DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA
numerical forms maximising utility they would switch to
Other
Coal another bank for a better deal
renewables
19% B is not correct because a consumer
16%
who does not feel valued by their
Solar current bank would likely switch to
6% another bank
D is not correct because a consumer
Wind with expert computational skills would
9% calculate the substantial savings from
switching
Gas
Hydro 35%
2 QS8: Make calculations of The only correct answer is A
11%
elasticity and interpret the (1)
Oil result B is not correct because this would be
4% the value of cross elasticity of demand
QS9: Interpret, apply and for unrelated goods
analyse information in C is not correct because this would be
Which one of the following can be deduced from the chart? written, graphical, tabular and the cross elasticity of demand for a
numerical forms substitute
A H
igh-income countries generated 58% of electricity using renewable D is not correct because this would be
energy resources the cross elasticity of demand for a
close substitute
B High-income countries generated 42% of electricity using non-renewable
energy resources
C High-income countries generated more electricity using renewable 3 QS9: Interpret, apply and The only correct answer is B
energy resources than non-renewable energy resources analyse information in (1)
written, graphical, tabular and A is not correct because this is
D H
igh-income countries generated more electricity using non-renewable numerical forms decreasing and not diminishing
energy resources than renewable energy resources marginal utility
C is not correct because this would
(Total for Question 4 = 1 mark)
show increasing marginal utility
D is not correct because this is
decreasing and not diminishing
marginal utility
4 QS4: Construct and interpret The only correct answer is D
a range of standard graphical (1)
forms A is not correct because high-income
QS9: Interpret, apply and countries generated 58% of electricity
analyse information in using non-renewable energy resources
written, graphical, tabular and B is not correct because high-income
numerical forms countries generated 42% of electricity
using renewable energy resources
C is not correct because high-income
countries only generated 42% of
electricity using renewable energy
resources
4
*P79712A0428*
