IB Economics HL 2.6.2 Pes Determinants and Diagrams Topic Practice

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Study 2.6.2—PES determinants and diagrams conceptsOpen the corresponding Concept lesson for explanations, examples and exam connections.

Question 1

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Note that widgets and pidgets are imaginary products.

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

Qd=249−4PQs=150+14P\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 ($).

In the diagram on page 6 draw and label the supply curve for tickets at the 2018 Football World Cup final.

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