O-LevelEconomicsThe allocation of resources2281/11 · May/June 2023 · Q61 Mark

What is the correct formula to calculate price elasticity of supply?

Athe percentage change in price divided by the percentage change in quantity supplied

Bthe percentage change in quantity supplied divided by the percentage change in price

Cthe percentage change in quantity demanded divided by the percentage change in price

Dthe percentage change in quantity supplied divided by the percentage change in price

✓ Correct answer

D: the percentage change in quantity supplied divided by the percentage change in price

Oracle Prep sorts past-paper questions by topic, so you can drill The allocation of resources and see which topics are most likely to come up next.

Topic: The allocation of resources, O-Level Economics (syllabus 2281). Multiple choice, 1 mark.
Source: O-Level Economics, May/June 2023 Paper 1 Variant 1, question 6.

Questions and mark schemes are from past examination papers and remain the copyright of the exam board. How Oracle Prep builds its content