IB Economics HL 2.3.1 Market equilibrium Question Bank

Practise IB Economics SL/HL 2.3.1 by applying market equilibrium concepts to exam-style questions.

Exam points

identify the relevant model, concept or evidence
apply the correct subject framework to the question
evaluate the result using clear evidence and subject terminology

[Maximum number: 2]

Note that widgets and pidgets are imaginary products.

In the country of Burbia, the demand and supply of widgets are given by the functions

\begin{aligned} & Q d=249-4 P \\ & Q s=150+14 P \end{aligned}

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.

249-4 P=150+14 P
99=18 P

Any valid working is sufficient for [1].
$P=\$5.50$ , Q=227

An answer of 5.50, 227 (without working) is sufficient for [1].

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2.3.1—Market equilibrium question 1