Please check the examination details below before entering your candidate information
Candidate surname Other names
Centre Number Candidate Number
Pearson Edexcel Level 3 GCE
Wednesday 15 May 2024
9EC0/01
Morning (Time: 2 hours) Paper
reference
Economics A
Advanced
PAPER 1: Markets and business behaviour
EDEXCEL You must have a calculator. Total Marks
ECONOMICS A-
I nstruc tions
• Use black ink or ball-point pen.
LEVEL
• PAPER 1 2024
Fill in the boxes at the top of this page with your name, centre number
and candidate number.
•
There are three sections in this question paper. Answer all questions from
Section A and Section B. Answer one question from Section C.
•
Answer the questions in the spaces provided
– there may be more space than you need.
Calculators may be used.
Information
• The total mark for this paper is 100.
• The marks for each question are shown in brackets
– use this as a guide as to how much time to spend on each question.
Advice
• Read each question carefully before you start to answer it.
• Check your answers if you have time at the end.
Try to answer every question.
• Turn over
P73999A
©2024 Pearson Education Ltd.
F:1/1/1/1/1/1/1/1/1
*P73999A0132*
, SECTION A
Answer ALL questions. Write your answers in the spaces provided.
DO NOT WRITE IN THIS AREA
Some questions must be answered with a cross in a box . If you change your mind about
an answer, put a line through the box and then mark your new answer with a cross .
You are advised to spend 30 minutes on this section.
Use the data to support your answers where relevant.
You may annotate and include diagrams in your answers.
1 The table below shows price elasticity of demand for bus tickets in London 2021
Age Price elasticity of demand
18+ Student −0.7
Adult −0.4
(Source adapted from: https://assets.publishing.service.gov.uk/government/uploads/
system/uploads/attachment_data/file/669090/youth-travel-concessions-price-elasticity.pdf
and https://tfl.gov.uk/fares/find-fares/bus-and-tram-fares#on-this-page-4)
DO NOT WRITE IN THIS AREA
(a) Explain one likely reason for the difference in the price elasticity of demand for the
18+ student bus ticket and the adult bus ticket.
(4)
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(b) In 2021, the adult 7-day bus ticket was £21.90. Bus ticket prices in London in 2022
increased by 4.8%. Ceteris paribus, which one of the following is the percentage
decrease in the 7-day bus ticket demand by adults?
(1)
A 0.08 B
1.92 C
3.36 D
12.00
DO NOT WRITE IN THIS AREA
(Total for Question 1 = 5 marks)
DO NOT WRITE IN THIS AREA
3
*P73999A0332* Turn over
, 2 The table below shows price elasticity of supply for housing in the US in 2020.
US State Price elasticity of supply
DO NOT WRITE IN THIS AREA
New York +0.5
Texas +1.8
(Source adapted from: https://bankunderground.co.uk/2020/02/25/
the-declining-elasticity-of-us-housing-supply/)
(a) With reference to the data above, explain one likely reason for the difference in
the price elasticity of supply.
(4)
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4
*P73999A0432*
Candidate surname Other names
Centre Number Candidate Number
Pearson Edexcel Level 3 GCE
Wednesday 15 May 2024
9EC0/01
Morning (Time: 2 hours) Paper
reference
Economics A
Advanced
PAPER 1: Markets and business behaviour
EDEXCEL You must have a calculator. Total Marks
ECONOMICS A-
I nstruc tions
• Use black ink or ball-point pen.
LEVEL
• PAPER 1 2024
Fill in the boxes at the top of this page with your name, centre number
and candidate number.
•
There are three sections in this question paper. Answer all questions from
Section A and Section B. Answer one question from Section C.
•
Answer the questions in the spaces provided
– there may be more space than you need.
Calculators may be used.
Information
• The total mark for this paper is 100.
• The marks for each question are shown in brackets
– use this as a guide as to how much time to spend on each question.
Advice
• Read each question carefully before you start to answer it.
• Check your answers if you have time at the end.
Try to answer every question.
• Turn over
P73999A
©2024 Pearson Education Ltd.
F:1/1/1/1/1/1/1/1/1
*P73999A0132*
, SECTION A
Answer ALL questions. Write your answers in the spaces provided.
DO NOT WRITE IN THIS AREA
Some questions must be answered with a cross in a box . If you change your mind about
an answer, put a line through the box and then mark your new answer with a cross .
You are advised to spend 30 minutes on this section.
Use the data to support your answers where relevant.
You may annotate and include diagrams in your answers.
1 The table below shows price elasticity of demand for bus tickets in London 2021
Age Price elasticity of demand
18+ Student −0.7
Adult −0.4
(Source adapted from: https://assets.publishing.service.gov.uk/government/uploads/
system/uploads/attachment_data/file/669090/youth-travel-concessions-price-elasticity.pdf
and https://tfl.gov.uk/fares/find-fares/bus-and-tram-fares#on-this-page-4)
DO NOT WRITE IN THIS AREA
(a) Explain one likely reason for the difference in the price elasticity of demand for the
18+ student bus ticket and the adult bus ticket.
(4)
......................................................................................................................................................................................................................................................................
......................................................................................................................................................................................................................................................................
......................................................................................................................................................................................................................................................................
......................................................................................................................................................................................................................................................................
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DO NOT WRITE IN THIS AREA
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2
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DO NOT WRITE IN THIS AREA
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(b) In 2021, the adult 7-day bus ticket was £21.90. Bus ticket prices in London in 2022
increased by 4.8%. Ceteris paribus, which one of the following is the percentage
decrease in the 7-day bus ticket demand by adults?
(1)
A 0.08 B
1.92 C
3.36 D
12.00
DO NOT WRITE IN THIS AREA
(Total for Question 1 = 5 marks)
DO NOT WRITE IN THIS AREA
3
*P73999A0332* Turn over
, 2 The table below shows price elasticity of supply for housing in the US in 2020.
US State Price elasticity of supply
DO NOT WRITE IN THIS AREA
New York +0.5
Texas +1.8
(Source adapted from: https://bankunderground.co.uk/2020/02/25/
the-declining-elasticity-of-us-housing-supply/)
(a) With reference to the data above, explain one likely reason for the difference in
the price elasticity of supply.
(4)
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DO NOT WRITE IN THIS AREA
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