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For exam preparation, share the qualification, exam board and specification name, together with a recent question or marked answer. The GCSE and A-Level examples here refer to named qualifications in England; IB Diploma Economics is an international course. For another qualification, send the full course details so the tutor can check fit.

Consider a separate, invented practice question: a seller raises the price from £10 to £11, and quantity demanded falls from 100 to 80 units. Use the original values as the bases for both percentage changes.

• Price change: (£11 − £10) ÷ £10 × 100 = 10%.
• Quantity change: (80 − 100) ÷ 100 × 100 = −20%.
• Price elasticity of demand (PED): −20% ÷ 10% = −2.

The magnitude is greater than one, so demand is price elastic in this example. Dividing the change of 20 units by the new quantity of 80 would use the wrong base for this question. Follow the percentage-change convention specified in the work you are doing.

Now test the claim, “A higher price means the seller makes more money.” Total revenue is price multiplied by quantity sold. It falls from £10 × 100 = £1,000 to £11 × 80 = £880. Profit is revenue minus total cost, so the revenue figures alone do not tell us the change in profit.

For an A-Level-style evaluation, a more precise conclusion is: “The price rise reduces revenue for the demand response given. Its effect on profit also depends on costs; applying this conclusion to another market would require evidence about that market’s demand response.” This adds the evidence and conditions missing from the original claim.

For a follow-up using the same starting price and quantity, try a price of £9 and quantity of 120. The changes are −10% and +20%, PED is again −2, and revenue becomes £9 × 120 = £1,080. Explain both the calculation and the revenue result without copying the first answer.

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