DP Economics
Question 19M.3.HL.TZ0.1c
| Date | May 2019 | Marks available | [Maximum mark: 1] | Reference code | 19M.3.HL.TZ0.1c |
| Level | HL | Paper | 3 | Time zone | TZ0 |
| Command term | Draw, Label | Question number | c | Adapted from | N/A |
c.
[Maximum mark: 1]
19M.3.HL.TZ0.1c
Note that widgets are an imaginary product.
In Country X, the supply and demand for widgets are given by the functions
Qs = − 45 + 4.5P
Qd = 180 − 3P
where P is the price per widget in dollars ($), Qs is the quantity of widgets supplied (thousands per year) and Qd is the quantity of widgets demanded (thousands per year).
The supply (S) and demand (D) functions are represented in Figure 1.
An increase in costs of production has resulted in a new supply function:
Qs1 = − 60 + 3P
(c)
Draw and label the new supply curve on Figure 1.
[1]
Markscheme
Award [1] for an accurate, labelled supply curve.
Examiners report
Generally well-answered, with few errors.
