Question 22M.3.HL.TZ0.a.vi
| Date | May 2022 | Marks available | [Maximum mark: 2] | Reference code | 22M.3.HL.TZ0.a.vi |
| Level | HL | Paper | 3 | Time zone | TZ0 |
| Command term | Calculate | Question number | a.vi | Adapted from | N/A |
Taxes on fuel
India is said to have the highest taxes on fuel in the world. At the current market equilibrium, the price of petrol (gasoline) in New Delhi is comprised of the components shown in Table 4 (approximate figures).
Table 4
Figure 2 illustrates the market for petrol in New Delhi. D represents the demand for petrol in millions of litres per day. S + t represents the supply (incorporating the effect of indirect tax) of petrol in millions of litres per day.
Figure 2
Using Figure 2 and the information in Table 4, calculate the total profit earned by petrol suppliers in New Delhi per day.
[2]
3 × 500 (million)
Any valid working should be rewarded with [1].
= RPs 1.5 billion (or 1 500 million or 1 500 000 000)
An answer of RPs 1.5 billion (or 1 500 million or 1 500 000 000) without workings is sufficient for [1].
N.B. For full marks to be awarded the response must provide valid working and include correct units.
Well-answered.
