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

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Date November 2019 Marks available [Maximum mark: 1] Reference code 19N.3.HL.TZ0.1d.ii
Level HL Paper 3 Time zone TZ0
Command term Draw, Label Question number d.ii Adapted from N/A
d.ii.
[Maximum mark: 1]
19N.3.HL.TZ0.1d.ii

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.ii)

Draw and label the marginal revenue (MR) curve for corn for an individual farmer in Nissos on the grid below.

[1]

Markscheme

Horizontal line at $8.00 with MR label on Figure 1 is sufficient for [1].

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