Theme 1 - calculations

Question 1

Market growth

Answer 1

(New - old/old)x100

Question 2

Market share

Answer 2

(sales of a product or business/total market sales) x 100

Question 3

PED

Answer 3

%change QD/ %change in price

Question 4

YED

Answer 4

%change in QD/%change win income

Question 5

Added value

Answer 5

Selling price - Cost of production

Question 6

Constructing a supply and demand diagram

Answer 6

- When a question asks you to construct a supply and demand diagram with a shift in supply or demand always remember LACES:
Labels
Axis
Curves
Equilibrium points
Shifts