Sample 1

IB Economics: Sample 1

(a) Explain two reasons why the demand for primary commodities might be price inelastic. [10]Student answerPrimary commodities are goods produced by the primary sector of the economy. For example, agricultural goods. Price elasticity of demand is the measure of responsiveness of quantity demanded to a change in the price of a good or service.And it is measured by the equation % change in QD / % change in price. If the...


To access the entire contents of this site, you need to log in or subscribe to it.

You can also request a Free trial or check the blog (which is also free)

All materials on this website are for the exclusive use of teachers and students at subscribing schools for the period of their subscription. Any unauthorised copying or posting of materials on other websites is an infringement of our copyright and could result in your account being blocked and legal action being taken against you.