DP Economics
Question 18M.3.HL.TZ0.a
| Date | May 2018 | Marks available | [Maximum mark: 2] | Reference code | 18M.3.HL.TZ0.a |
| Level | HL | Paper | 3 | Time zone | TZ0 |
| Command term | Calculate | Question number | a | Adapted from | N/A |
a.
[Maximum mark: 2]
18M.3.HL.TZ0.a
Note that widgets and pidgets are imaginary products.
In the country of Burbia, the demand and supply of widgets are given by the functions
Qd = 249 − 4P
Qs = 150 + 14P
where Qd is the quantity demanded per month, Qs is the quantity supplied per month and P is the price per widget in dollars ($).
Calculate the equilibrium price and quantity per month.
[2]
Markscheme
249 − 4P = 150 + 14P
99 = 18P
Any valid working is sufficient for [1].
P = $5.50, Q = 227
An answer of 5.50, 227 (without working) is sufficient for [1].
