Pearson Edexcel International A Level in Economics Paper 1 Mark Scheme 2024 (WEC13 Business Behaviour)

Mark Scheme (Results) January 2024 International A Level in Economics (WEC13) Paper 1: Business Behaviour Edexcel and BTEC Qualifications Edexcel and BTEC qualifications are awarded by Pearson, the UK’s largest awarding body. We provide a wide range of qualifications including academic, vocational, occupational and specific programmes for employers. For further information visit our qualifications websites at www.edexcel.com or www.btec.co.uk . Alternatively, you can get in touch with us using the details on our contact us page at www.edexcel.com/contactus . Pearson: helping people progress, everywhere Pearson aspires to be the world’s leading learning company. Our aim is to help 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 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 high standards and raising achievement through innovation in education. Find out more about how we can help you and your students at: www.pearson.com/uk January 2024 Question Paper Log Number P73484A Publications Code WEC13_01_MS_2401 All the material in this publication is copyright © Pearson Education Ltd 2024 Section A Question Quantitative skills assessed Answer Mark 1 QS9: Interpret, apply and analyse information in written, graphical, tabular and numerical forms. The only correct answer is C A is incorrect because the firms are in the same industry B is incorrect because the firms are at the same stage of production D is incorrect because the firms are at the same stage of production (1) 2 QS6: Calculate cost, revenue and profit (marginal, average, totals) QS9: Interpret, apply and analyse information in written, graphical, tabular and numerical forms. The only correct answer is B A is incorrect because this is the MR at $12 C is incorrect because this is the average revenue at $12 D is incorrect because this is the average revenue at $14 (1) 3 QS4: Construct and interpret a range of standard graphical forms QS9: Interpret, apply and analyse information in written, graphical, tabular and numerical forms. The only correct answer is A B is incorrect as the business will make normal profit C is incorrect because the business will reduce output D is incorrect because the price will fall (1) 4 QS4: Construct and interpret a range of standard graphical forms QS9: Interpret, apply and analyse information in written, graphical, tabular and numerical forms. The only correct answer is D A is incorrect because average revenue would be greater than marginal cost B is incorrect because marginal revenue would be lower than average revenue C is incorrect because marginal revenue would be less than total cost (1) 5 QS8: Make calculations of elasticity and interpret the result. QS9: Interpret, apply and analyse information in written, graphical, tabular and numerical forms. The only correct answer is A B is incorrect because this would result in an elastic demand for construction workers C is incorrect because this would result in an elastic demand for construction workers D is incorrect because this would influence the supply of construction workers (1) 6 QS4: Construct and interpret a range of standard graphical forms QS9: Interpret, apply and analyse information in written, graphical, tabular and numerical forms. The only correct answer is B A is incorrect because price would be below average cost C is incorrect because price leadership occurs when businesses follow the price of (1)