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Exam (elaborations)

Mark Scheme (Results) Summer 2024 Pearson Edexcel GCE A Level In Economics A (9EC0) Paper 01 Market and Business Behaviour

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1(a) Knowledge 2 Application 1 Analysis 1 Knowledge/Analysis: Up to 3 marks for one reason e.g. • Price elasticity of demand measures the responsiveness of demand to a proportionate change in price/formula (1) • Closeness of substitutes (1) young people have greater availability of substitutes – bus, walk, cycle/closer substitutes/adults bus dependent (1) • Proportion of income spent (1) greater proportion for younger people spent on bus travel (1) • Degree of necessity (1) adults getting to work may be more important than students getting to classes on time (1) Application: 1 mark for reference to data e.g. • Adult PED is -0.4, student PED is -0.7 (1) • Calculation e.g. 10% increase in price leads to a 7% decrease in demand for student tickets (1) • PED for young people is relatively less price inelastic (1) • PED for adults is relatively more price inelastic (1

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2024 Pearson Edexcel
Course
2024 Pearson Edexcel

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Mark Scheme (Results)


Summer 2024

Pearson Edexcel GCE A Level
In Economics A (9EC0)
Paper 01 Market and Business Behaviour

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Summer 2024
Question Paper Log Number 73999
Publications Code 9EC0_01_2406_MS
All the material in this publication is copyright
© Pearson Education Ltd 2024

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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.

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2024 Pearson Edexcel

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