Economics class: Price of UK pint up more than 70% since financial crisis

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Specification:

Click to read the article below and then answer the questions:

Price of UK pint up more than 70% since financial crisis

• With reference to the article, identify two costs which are contributing to the increasing price of a pint in the UK

• Using a demand and supply diagram, analyse the effect of rising costs on the market price of a pint

• Define price elasticity of demand

• ‘We are trying not to [charge more] because we are fighting for covers and guests.’ Using a diagram, explain what this suggests about the price elasticity of demand at the Brasserie Bar Co.

Gavin Clarke, Emmanuel College