CourseCourseConceptConceptDocsDocuments

IB Economics SL 2.5.5 Determinants and Importance of Ped Questions

Practise IB Economics SL 2.5.5 by explaining PED determinants and applying their importance to firm and government decisions, including pricing and taxation.

Syllabus
First assessment 2022
Course
Economics SL
Level
SL

Exam points

  • Define price elasticity of demand and identify determinants such as substitutes, necessity, income share and time.
  • Explain how PED determinants affect responsiveness and apply PED to firms’ pricing, revenue and government tax decisions.
  • Analyse and evaluate the importance of PED for firms and governments using diagrams, examples and comparisons between different goods or policy contexts.

No Questions Yet

Questions will appear here when available.