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IB Economics HL 2.5.1 Concept of elasticity Question Bank

Practise IB Economics SL/HL 2.5.1 by applying concept of elasticity concepts to exam-style questions.

Syllabus
First assessment 2022
Course
Economics HL
Level
HL

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

2.5.1—Concept of elasticity question 1

[Maximum number: 2]

Figure 1 illustrates the production possibilities for rice and pencils in Country H. Resources in Country H are fully employed.

Figure 1

Figure 1

Table 1 provides information about Good X and Good Y, which are related goods.

Table 1

Table 1

Using Table 1, calculate the cross price elasticity of demand between Good X and Good Y when the price of Good X increases.

The demand for Good Z is income inelastic.

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