Cobalt is a key metal used in the batteries of electric cars - Edexcel - A-Level Economics A - Question 2 - 2021 - Paper 1

To determine how much the price of cobalt fell between June 2018 and June 2019, follow these steps:

1. Identify the prices: From the graph, note the price of cobalt in June 2018 (let's say it was $40 per weight) and the price in June 2019 (let's say it was$15 per weight).
2. Calculate the drop: Use the formula for percentage drop: $ext{Percentage Drop} = \frac{\text{Original Price} - \text{New Price}}{\text{Original Price}} \times 100$ Substituting the values gives: $ext{Percentage Drop} = \frac{40 - 15}{40} \times 100 = \frac{25}{40} \times 100 = 62.5\%$
3. Select the correct answer: From the options, the only correct answer is C (62.5%).