DP Economics
Question 18M.3.HL.TZ0.b
| Date | May 2018 | Marks available | [Maximum mark: 2] | Reference code | 18M.3.HL.TZ0.b |
| Level | HL | Paper | 3 | Time zone | TZ0 |
| Command term | Calculate | Question number | b | Adapted from | N/A |
b.
[Maximum mark: 2]
18M.3.HL.TZ0.b
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 excess demand/excess supply (state which of these) at a price of $8.50.
[2]
Markscheme
Qd = 249 − 4 × 8.50 = 215
Qs = 150 + 14 × 8.50 = 269
Any valid working is sufficient for [1].
There will be excess supply or a surplus of 54.
An answer of 54 (without working) is sufficient for [1].
