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Exam Technique Tutoring : https://forms.gle/owj1pwyGHyqTSjFZ9 Economics Group Chat : https://beacons.ai/udoecon About this video : This video is a full exam technique + walkthrough for the Edexcel A Level Economics Paper 1 (Micro) 2024 exam, where we go through the entire paper step-by-step and break down how to approach each question, apply the extracts and data effectively, and build clear chains of analysis and evaluation. The focus is on helping you structure high-scoring answers across diagrams, calculations, short responses, and extended essays. The aim of the video is to show how to approach the full paper under exam conditions, consistently applying microeconomic theory to the context, while developing strong evaluation and clear judgement throughout. Questions in the video : Section A 1(a) Explain one likely reason for the difference in the price elasticity of demand for the 18+ student bus ticket and the adult bus ticket. (4) 1(b) In 2021, the adult 7-day bus ticket was £21.90. Bus ticket prices in London in 2022 increased by 4.8%. Ceteris paribus, which one of the following is the percentage decrease in the 7-day bus ticket demand by adults? (1) 2(a) With reference to the data above, explain one likely reason for the difference in the price elasticity of supply. (4) 2(b) In Texas the price elasticity of supply is +1.8. Which one of the following is the percentage increase in price if the quantity of housing supplied in Texas is increased by 12%? (1) 3(a) Draw a cost and revenue diagram to illustrate the different business objectives: profit maximisation and revenue maximisation. (4) 3(b) If Peloton changes its objective to sales maximisation, then without making a loss, it operates at an output where: (1) 4(a) Explain one likely reason for the maximum price for an undergraduate university programme. (4) 4(b) Which one of the following is an example of government failure associated with the maximum price? (1) 5(a) With reference to the information, explain the market structure of mortgage lending in the UK. (4) 5(b) The value of all mortgage loans was £1601 billion at the end of 2020. Which one of the following is the value of Lloyds’ market share? (1)  Section B 6(a) With reference to Extract A, explain the likely reasons for the change in price of electronic devices. Include a supply and demand diagram in your answer. (5) 6(b) Examine two factors which might influence the supply of labour in the electronics industry. (8) 6(c) Assess whether firms in the electronics industry benefit from economies of scale. (10) 6(d) Discuss the likely concerns of the competition authorities regarding the proposed merger of the two companies referred to in Extract C. (12) 6(e) With reference to Extract D, discuss possible methods of government intervention to reduce electronic waste. (15)  Section C 7. Evaluate the microeconomic effects of rising energy bills on the hotel industry or an industry of your choice. (25) OR 8. Evaluate the level of contestability in the fragrance industry or another industry of your choice. (25)  Timestamps: 00:00 - Section A 23:15 - Section B 1:15:30 - Section C Topics covered: Demand and supply, PED and PES, elasticity calculations, business objectives, cost and revenue diagrams, price controls, government failure, market structures, concentration and market share, labour markets, economies of scale, mergers and competition policy, externalities, government intervention, contestability, and exam technique
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