EcoHL P3 N05 TZ0 M

EcoHL P3 N05 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 N05/3/ECONO/HP3/ENG/TZ0/XX/M MARKSCHEME November 2005 ECONOMICS Higher Level Paper 3 17 pages
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- 2 - N05/3/ECONO/HP3/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 - N05/3/ECONO/HP3/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. 1. (a) Define the following terms indicated in bold in the text: (i) maximum price ( paragraph r ) level 0 Wrong definition 1 Vague definition The idea that it is a price above which the market is not allowed to go. 2 Precise definition An explanation that a maximum price is imposed by an authority and is set below the equilibrium price. An appropriate diagram is enough. (ii) cross elasticity of demand ( paragraph s ). level 0 Wrong definition 1 Vague definition The idea that it is the relationship between the demand for one good when there is a change in the price of another good. 2 Precise definition The responsiveness of the demand for one good to a change in the price of another good. A correct formula is enough. [2 marks] 0 1 2 [2 marks] 0 1 2
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- 4 - N05/3/ECONO/HP3/ENG/TZ0/XX/M (b) Using a supply and demand diagram, explain why there was an “excess supply of chicken in the market” ( paragraph q ). level 0 Inappropriate answer 1 Identification of appropriate theory For drawing a correctly labelled demand and supply diagram, where demand has shifted to the left and there is now an excess of supply (or any other suitable diagram) or for providing an explanation of how demand for chicken has fallen because of the avian flu and that now, more will be supplied than demanded. 2 Correct application of appropriate theory For drawing a correctly labelled demand and supply diagram, where demand has shifted to the left and there is now an excess of supply (or any other suitable diagram) and for providing an explanation of how demand for chicken has fallen because of the avian flu and that now, more will be supplied than demanded. Better candidates may refer to the imposed price or may use figures from the text and a perfectly inelastic supply curve set at 1.1 million chickens, but this is not necessary for full marks. [4 marks] 0 1-2 3-4 (c) Using an appropriate diagram, explain the likely effect of importing higher priced baby chicks from Australia and the EU on the market for chickens. level 0 Inappropriate answer 1 Identification of appropriate theory For drawing a correctly labelled supply and demand diagram, with supply shifting to the left and so a higher price and lower quantity demanded and supplied (but any suitable diagram should be rewarded) or for explaining that an increase in the price of baby chicks is an increase in a raw material cost, which should lead to
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EcoHL P3 N05 TZ0 M - c IB DIPLOMA PROGRAMME PROGRAMME DU...

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