EcoHL P2 M06 TZ0 M

EcoHL P2 M06 TZ0 M - c IB DIPLOMA PROGRAMME PROGRAMME DU...

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c IB DIPLOMA PROGRAMME PROGRAMME DU DIPLÔME DU BI PROGRAMA DEL DIPLOMA DEL BI M06/3/ECONO/HP2/ENG/TZ0/XX/M MARKSCHEME May 2006 ECONOMICS Higher Level Paper 2 5 pages
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- 2 - M06/3/ECONO/HP2/ENG/TZ0/XX/M This markscheme is confidential and for the exclusive use of examiners in this examination session. It is the property of the International Baccalaureate and must not be reproduced or distributed to any other person without the authorization of IBCA.
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- 3 - M06/3/ECONO/HP2/ENG/TZ0/XX/M Paper Specific Markscheme In addition to the assessment criteria use the paper-specific markscheme below. Award up to the maximum marks as indicated. Each question is worth [10 marks]. 1. Using demand and supply analysis, explain how resources are allocated through changes in price in a market economy. Answers may include: the notion of scarcity allocation of resources via interaction of demand and supply no government intervention supply and demand diagram to illustrate the signalling effect of a change in demand the dynamic process supply and demand diagram to illustrate the rationing effect of a change in supply via a change in price the dynamic process explained. Examiners should be aware that candidates may take a different approach, which if appropriate should be fully rewarded. 2. Define cross elasticity of demand and using diagrams, explain what determines whether cross elasticity of demand is positive or negative. Definition of cross elasticity of demand:
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This note was uploaded on 02/12/2010 for the course ECON 201 taught by Professor Smith during the Spring '10 term at Whittier.

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EcoHL P2 M06 TZ0 M - c IB DIPLOMA PROGRAMME PROGRAMME DU...

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