Sample 2

IB Economics: Sample 2

1. (a) Explain two reasons why the demand for primary commodities might be price inelastic. [10]Student answerPrimary commodities means goods usually produced through agriculture, mining and fishing. An example is coffee produced in Brazil. Price elasticity of demand is a measure of responsiveness of the quantity demanded of a good to a change in price. PED is calculated as a percentage change in quantity demanded divided...

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.