DP Economics

Test builder »

Question 19N.3.HL.TZ0.1d.iii

Select a Test
Date November 2019 Marks available [Maximum mark: 1] Reference code 19N.3.HL.TZ0.1d.iii
Level HL Paper 3 Time zone TZ0
Command term Calculate Question number d.iii Adapted from N/A
d.iii.
[Maximum mark: 1]
19N.3.HL.TZ0.1d.iii

The market for corn on the island of Nissos is perfectly competitive. The demand and supply for corn in Nissos are given by the functions

Qd=10-0.5P

Qs=-2+P

where Qd is the quantity of corn demanded per month in millions of kilograms (kg), Qs is the quantity of corn supplied per month in millions of kg and P is the price per kg of corn in dollars ($). 

(d.iii)

Using Figure 1, calculate the consumer surplus in Nissos at the market equilibrium.

[1]

Markscheme

1 2 × 6 (20 − 8)

No workings are required.

$36 million is sufficient for [1].

OFR applies.

Syllabus sections