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Discuss the effects of price changes, using demand and supply diagrams to demonstrate how these changes impact equilibrium price and sales levels.

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Cambridge IGCSE EconomicsThe allocation of resources

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Discuss the effects of price changes, using demand and supply diagrams to demonstrate how these changes impact equilibrium price and sales levels

  • This point belongs to Price changes, especially Price changes outcomes.
  • You need to be able to discuss the effects of price changes, using demand and supply diagrams to demonstrate how these changes impact equilibrium price and sales levels.
  • The key ideas to know are Discuss, Analyse, and Explain.
  • Use the linked flashcards and practice questions to check recall, then practise applying the idea in an exam-style answer.

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DiscussAnalyseExplain

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Paper 2 structured question: Price changes

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Description

Impact of Price Changes on Smartphone Market

The price of smartphones has decreased significantly due to technological advancements and increased competition among manufacturers. This has led to a surge in consumer interest and sales.

  1. a

    Explain how the decrease in smartphone prices affects the equilibrium price and quantity in the market.

    Aim for approximately 4 distinct marking points.

    [4]
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