IB Economics HL 2.1.3 Demand Curve Questions
Revise IB Economics HL 2.1.3 by plotting a downward-sloping market demand curve and labelling price, quantity and the curve accurately.
- Syllabus
- First assessment 2022
- Course
- Economics HL
- Level
- HL
Exam points
- Plot a downward-sloping market demand curve with price on the vertical axis and quantity on the horizontal axis.
- Fully label the curve and both axes so the inverse price–quantity demanded relationship is unambiguous.
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IB Economics HL 2.1.3 Demand Curve Questions question 1
The demand for a product in a perfectly competitive market is given by the function
Q d=64-2 P
while market supply is given by the function
Q s=4 P-8
where P is the price per unit in dollars ($), Qd is the monthly quantity demanded and Qs is the monthly quantity supplied in thousands of units.
Using the functions, plot the following in the grid below:
a fully labelled market demand curve.
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