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Question 19N.3.HL.TZ0.c.ii

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Date November 2019 Marks available [Maximum mark: 2] Reference code 19N.3.HL.TZ0.c.ii
Level HL Paper 3 Time zone TZ0
Command term Calculate Question number c.ii Adapted from N/A
c.ii.
[Maximum mark: 2]
19N.3.HL.TZ0.c.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 ($). 

Calculate the monthly equilibrium quantity of corn in Nissos.

[2]

Markscheme

10 − 0.5P = P − 2
12 = 1.5P
P = 8
Q = − 2 + 8 = 6

Any valid working is sufficient for [1].

Q = 6 million kg

An answer of 6 million kg or 6 million or 6 without working is sufficient for [1].

For full marks to be awarded the response must provide some valid working and include correct units.

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