The market

Worked examples (6)

• 1Which way does supply shift?
• 2Movement along or shift?
• 3Explain the effect of a cost rise on supply
• 4Tax or subsidy — which way?
• 5Analyse two factors that could reduce supply
• 6Discuss the impact of automation on a producer

Model answers (6)

• ✓Model answer — WBS11 Section A style — Define (2 marks, Knowledge 2)
• ✓Model answer — WBS11 Section A style — Explain (4 marks: Knowledge 1, Application 2, Analysis 1)
• ✓Model answer — WBS11 Section A style — Analyse two (6 marks: Knowledge 2, Application 2, Analysis 2)
• ✓Model answer — WBS11 Section B style — Discuss (8 marks, 3-Level grid; Level 3 = 6–8)
• ✓Model answer — WBS11 Section A/B style — Assess (10 marks, 4-Level grid; Level 4 = 8–10)
• ✓Model answer — WBS11 Section C style — Evaluate (20 marks, 4-Level grid; Level 4 = 16–20)

Worked examples (6)

• 1Which way does demand shift?
• 2Movement along or shift?
• 3Explain a demand shift for the business
• 4Substitute or complement?
• 5Analyse two factors that could raise demand
• 6Discuss the impact of a substitute's price cut

Model answers (6)

• ✓Model answer — WBS11 Section A style — Define (2 marks, Knowledge 2)
• ✓Model answer — WBS11 Section A style — Explain (4 marks: Knowledge 1, Application 2, Analysis 1)
• ✓Model answer — WBS11 Section A style — Analyse two (6 marks: Knowledge 2, Application 2, Analysis 2)
• ✓Model answer — WBS11 Section B style — Discuss (8 marks, 3-Level grid; Level 3 = 6–8)
• ✓Model answer — WBS11 Section A/B style — Assess (10 marks, 4-Level grid; Level 4 = 8–10)
• ✓Model answer — WBS11 Section C style — Evaluate (20 marks, 4-Level grid; Level 4 = 16–20)

Worked examples (6)

• 1Find the effect of a price above equilibrium
• 2Predict the equilibrium change
• 3Construct the shift and new equilibrium
• 4Which curve shifts?
• 5Analyse two effects of a demand rise on a firm
• 6Discuss the effect of a supply shock on a producer

Model answers (6)

• ✓Model answer — WBS11 Section A style — Define (2 marks, Knowledge 2)
• ✓Model answer — WBS11 Section A style — Explain (4 marks: Knowledge 1, Application 2, Analysis 1)
• ✓Model answer — WBS11 Section A style — Analyse two (6 marks: Knowledge 2, Application 2, Analysis 2)
• ✓Model answer — WBS11 Section B style — Discuss (8 marks, 3-Level grid; Level 3 = 6–8)
• ✓Model answer — WBS11 Section A/B style — Assess (10 marks, 4-Level grid; Level 4 = 8–10)
• ✓Model answer — WBS11 Section C style — Evaluate (20 marks, 4-Level grid; Level 4 = 16–20)

Worked examples (6)

• 1Calculate and classify with YED
• 2Classify goods from their YED
• 3Predict the recession effect
• 4Normal or inferior?
• 5Analyse two ways a firm uses YED
• 6Discuss reliance on a high-YED product

Model answers (6)

• ✓Model answer — WBS11 Section A style — Define (2 marks, Knowledge 2)
• ✓Model answer — WBS11 Section A style — Explain (4 marks: Knowledge 1, Application 2, Analysis 1)
• ✓Model answer — WBS11 Section A style — Analyse two (6 marks: Knowledge 2, Application 2, Analysis 2)
• ✓Model answer — WBS11 Section B style — Discuss (8 marks, 3-Level grid; Level 3 = 6–8)
• ✓Model answer — WBS11 Section A/B style — Assess (10 marks, 4-Level grid; Level 4 = 8–10)
• ✓Model answer — WBS11 Section C style — Evaluate (20 marks, 4-Level grid; Level 4 = 16–20)

Worked examples (6)

• 1Calculate and interpret PED
• 2Classify these PED values
• 3PED and the effect on total revenue
• 4Why is one product more elastic than another?
• 5Analyse two determinants of a product's PED
• 6Discuss a price rise using PED

Model answers (6)

• ✓Model answer — WBS11 Section A style — Define (2 marks, Knowledge 2)
• ✓Model answer — WBS11 Section A style — Explain (4 marks: Knowledge 1, Application 2, Analysis 1)
• ✓Model answer — WBS11 Section A style — Analyse two (6 marks: Knowledge 2, Application 2, Analysis 2)
• ✓Model answer — WBS11 Section B style — Discuss (8 marks, 3-Level grid; Level 3 = 6–8)
• ✓Model answer — WBS11 Section A/B style — Assess (10 marks, 4-Level grid; Level 4 = 8–10)
• ✓Model answer — WBS11 Section C style — Evaluate (20 marks, 4-Level grid; Level 4 = 16–20)