Pearson Edexcel Gce A Levelin Business (9bs0) Paper 3 Mark Scheme (Results)

Mark Scheme (Results) October 2020 Pearson Edexcel GCE A Level In Business (9BS0) Paper 3: Investigating business in a competitive environmentQuestion Number Indicative content Mark 1 (a) Knowledge 2, Application 2, Analysis 2, Evaluation 2 Marks for application and analysis include up to 2 marks for quantitative skills Quantitative skills assessed: QS3: construct (and interpret) a range of standard graphical forms Revenue is income from sales Determined by prices multiplied quantity actually sold Reasons why business revenues increased: The number of visitors to festivals increased which may have been caused by better weather. More money is therefore spent on tickets and on merchandise. New shows and performances released, e.g. Hamilton, which attracts more customers who will spend on tickets and refreshments. Possible counterbalance The summer weather of 2017 was poor so although attendances may have fallen revenue increased because prices for tickets could have increased. This may have increased revenue as demand is relatively price inelastic in markets such as live shows to see popular artists like Ed Sheeran. NB: Supply and demand diagram should be drawn like the one below. No use of supply and demand diagram (QS3) limits mark awarded to L3-6 (8)NB The arrow can be taken