2022 pearson june booklet + mark scheme Edexcel International GCSE 4EC1/01R Economics Level 1/2 PAPER 1: Microeconomics and Business Economics

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Answer ALL questions. Write your answers in the spaces provided. Some questions must be answered with a cross in a box . If you change your mind about an answer, put a line through the box and then ... mark your new answer with a cross . 1 (a) Which one of the following is defined as ‘breaking down the production process into smaller tasks’? (1) A Division of labour B Innovation C Labour intensive D Productivity A firm sells 40 units of a good. Variable costs are $4 per unit. Customers pay $10 per unit. (b) Which one of the following equals $400? (1) A Price B Total costs C Profit D Total revenue (c) What is meant by the term inferior good? (2) .................................................................................................................................................................................................................................................................................... .................................................................................................................................................................................................................................................................................... .................................................................................................................................................................................................................................................................................... .................................................................................................................................................................................................................................................................................... .................................................................................................................................................................................................................................................................................... .................................................................................................................................................................................................................................................................................... *P66328A0324* Turn over 3 (d) State one reason why a demand curve will shift to the left. (1) .................................................................................................................................................................................................................................................................................... .................................................................................................................................................................................................................................................................................... .................................................................................................................................................................................................................................................................................... (e) Define the term production. (1) .................................................................................................................................................................................................................................................................................... .................................................................................................................................................................................................................................................................................... .................................................................................................................................................................................................................................................................................... Inny provides a window cleaning service to homeowners in his local area. He recently increased prices by 1.6% and quantity demanded fell by 2.1%. (f) Calculate, to two decimal places, the price elasticity of demand (PED) for Inny’s window cleaning service. You are advised to show your working. (2) .................................................................................................................................................................................................................................................................................... .................................................................................................................................................................................................................................................................................... .................................................................................................................................................................................................................................................................................... .................................................................................................................................................................................................................................................................................... .................................................................................................................................................................................................................................................................................... ................................................................................................................. 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