Mark Scheme (RESULTS) - Edexcel

Mark Scheme (RESULTS)

January 2019

Pearson Edexcel International GCSE In Economics (4EC0/01) Paper 1

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January 2019 Publications Code 4EC0_01_1901_MS All the material in this publication is copyright ? Pearson Education Ltd 2019

General Marking Guidance

All candidates must receive the same treatment. Examiners must mark the first candidate in exactly the same way as they mark the last.

Mark schemes should be applied positively. Candidates must be rewarded for what they have shown they can do rather than penalised for omissions.

Examiners should mark according to the mark scheme not according to their perception of where the grade boundaries may lie.

There is no ceiling on achievement. All marks on the mark scheme should be used appropriately.

All the marks on the mark scheme are designed to be awarded. Examiners should always award full marks if deserved, i.e. if the answer matches the mark scheme. Examiners should also be prepared to award zero marks if the candidate's response is not worthy of credit according to the mark scheme.

Where some judgement is required, mark schemes will provide the principles by which marks will be awarded and exemplification may be limited.

When examiners are in doubt regarding the application of the mark 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.

Question 1

Question The original equilibrium point is X. For each of the following Number changes, starting from X, identify the new equilibrium point in

Table 1. Each letter may be used more than once.

1(a)(i)

A rise in the wages of electric car production

workers

J

An advertising campaign for electric cars B

A fall in consumer incomes G

An increase in subsidies for electric cars and an

increase in tax on petrol cars

C

Mark (4)

Question Number

Electric cars require large amounts of copper. It is estimated that production of copper will need to be doubled over the next 20 years.

1(a)(ii)

Explain why the supply of copper might be price inelastic in the short term. Copper is a mineral / primary product (1) new sources need to be found and extracted, this all takes time (1) meaning that supply cannot be increased rapidly in the short run (1)

Mark (3)

Question It has been estimated that the price elasticity of demand for Number electric cars is price elastic.

An increase in the price of electric cars will therefore

1(a)(iii) B ? decrease total revenue

Mark (1)

Question Identify and explain two factors that might make a product, Number such as electric cars, price elastic.

Mark

1(a)(iv) Identification of a factor (1 mark) with explanation

(4)

(1 mark)

e.g. Many substitutes (1) there are many other types of car such as petrol, that can be used in place of an electric car if the price rises (1).

e.g. proportion of income (1) electric cars/cars are expensive so even a small rise in the price, in percentage terms, will be too much for many people (1).

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