Edexcel as level economics a questio n paper 1 june 2023

Please check the examination details below before entering your candidate information Candidate surname Other names Centre Number Candidate Number Pearson Edexcel Level 3 GCE Monday 15 May 2023 Morning (Time: 1 hour 30 minutes) Paper reference 8EC0/01 Total Marks Economics A Advanced Subsidiary PAPER 1: Introduction to Markets and Market Failure You do not need any other materials. Instructions • Use black ink or ball-point pen. • Fill in the boxes at the top of this page with your name, centre number and candidate number. • There are two sections in this question paper. • Answer all questions in Section A. • In Section B, answer all of questions 6(a) to 6(e) and one question from 6(f) or 6(g). • 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.*P74060A0228* DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA 2  SECTION A Answer ALL questions. Write your answers in the spaces provided. 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 25 minutes on this section. Use the data to support your answers where relevant. You may annotate and include diagrams in your answers. 1 In 2021, energy regulator Ofgem announced that the maximum price of energy will rise from £ 1 277 to £ 1 971 a year, for the average household bill. (Source: adapted from utilities/what-is-the-energy-price-cap/) (a) Which one of the following is the percentage increase in the maximum price to the average household bill? (1) A 35 % B 45 % C 54 % D 694 % (b) Annotate the diagram below to show the original and new maximum price in this market. (2) Average annual household bill (£) Q1 Quantity of energy per household