Question 23M.3.HL.TZ0.1ai
| Date | May 2023 | Marks available | [Maximum mark: 2] | Reference code | 23M.3.HL.TZ0.1ai |
| Level | HL | Paper | 3 | Time zone | TZ0 |
| Command term | Calculate | Question number | i | Adapted from | N/A |
Using the information in Figure 1, calculate the price elasticity of demand for capsicums when the price increases from NZ$18 per kg to NZ$24 per kg.
[2]
Any valid working (correct %Δ Qd or %Δ P, provided the formula is not inverted) is sufficient for [1].
= –0.82 or 0.82 or (repeating) or 9/11
An answer of –0.82 or 0.82 or without any valid working is sufficient for [1].
For full marks to be awarded, the response must provide valid working.
The majority of candidates were able to identify the relevant prices and quantities and use the correct formula for PED. However, many candidates inverted the formula, used the final price/quantity as the denominator when calculating percentages or did not correctly round to 2 decimal places or show as a repeating decimal.
