IB Economics HL 2.3.1 Market equilibrium
IB Economics HL 2.3.1 Market equilibrium
Students practise calculating equilibrium price and quantity algebraically from linear demand and supply functions—and plotting those curves accurately on axes.
How this is tested
- solve Qd = 10 - 0.5P and Qs = P - 2 to get equilibrium at P = 8 and Q = 6
- plot linear demand and supply curves on labelled axes using given equations