CourseCourseConceptConceptDocsDocuments

IB Economics HL 2.2.2 Hl Assumptions Behind Supply Questions

Practise linking fixed factors and falling marginal product to rising marginal cost, using product data, TP, MP and AP curves, and short-run cost relationships.

Syllabus
First assessment 2022
Course
Economics HL
Level
HL

Exam points

  • Define diminishing marginal returns as falling marginal product when more variable input works with fixed factors.
  • Calculate marginal product from total-product data and identify where diminishing returns begin.
  • Sketch TP, MP and AP curves, showing the relationship between marginal and average product.
  • Explain how falling marginal product raises marginal cost and shapes short-run cost curves.
  • Distinguish short-run diminishing returns from long-run returns to scale or economies of scale.

No Questions Yet

Questions will appear here when available.