Paper 3 question market structures (HL only)

IB Economics: Paper 3 question market structures (HL only)

This page contains two paper three type questions on microeconomics, both written according to the new syllabus. An answer sheet is included on the following page. Allow one hour, 45 minutes for this exercise.Question 11. A bakery finds that when they increase the price of bread from $5 to $10, quantity demanded falls from 50m loaves sold to just 40m.(a) (i) Calculate the price elasticity of demand when price increases...

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