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IB Economics SL 2.5.3 Ped Diagrams and Revenue Questions

Practise IB Economics SL 2.5.3 by using PED diagrams to explain how price changes affect total revenue, then apply the reasoning to firm decisions with exam evidence.

Syllabus
First assessment 2022
Course
Economics SL
Level
SL

Exam points

  • Use a demand diagram to identify elastic and inelastic sections of a curve.
  • Explain how a price change affects total revenue when demand is elastic or inelastic.
  • Apply PED reasoning to a firm’s pricing decision using the case evidence.

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