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IB Economics HL 2.5.5 Determinants and Importance of Ped Questions

Practise IB Economics HL 2.5.5 by analysing PED determinants and evaluating their importance for firms and government decisions across pricing, revenue and taxation.

Syllabus
First assessment 2022
Course
Economics HL
Level
HL

Exam points

  • Define price elasticity of demand and identify determinants such as substitutes, necessity, income share and time.
  • Explain how PED determinants change responsiveness and apply PED to pricing, revenue, indirect taxation and government intervention.
  • Analyse and evaluate the importance of PED for firms and governments using diagrams, real-world examples and comparisons between goods, markets or policy contexts.

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