DP Economics

Question 19N.3.HL.TZ0.d.i

Date	November 2019	Marks available	[Maximum mark: 2]	Reference code	19N.3.HL.TZ0.d.i
Level	HL	Paper	3	Time zone	TZ0
Command term	Label, Plot	Question number	d.i	Adapted from	N/A

d.i.

[Maximum mark: 2]

19N.3.HL.TZ0.d.i

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

$Q d = 10 - 0.5 P$

$Q s = - 2 + P$

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

Plot and label on Figure 1 the market demand curve and the market supply curve for corn in Nissos.

[2]

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Last exams 2021 » Section 1: Microeconomics

Last exams 2021 » Section 1: Microeconomics » 1.1 Competitive markets: Demand and supply » Market Equilibrium » Calculating and illustrating equilibrium using linear equations

Last exams 2021 » Section 1: Microeconomics » 1.1 Competitive markets: Demand and supply » Market Equilibrium

Last exams 2021 » Section 1: Microeconomics » 1.1 Competitive markets: Demand and supply

Question 19N.3.HL.TZ0.d.i

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