EcoHL P2 M04

EcoHL P2 M04 - c 1 hour IB DIPLOMA PROGRAMME PROGRAMME DU...

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ECONOMICS HIGHER LEVEL PAPER 2 Thursday 20 May 2004 (afternoon) 1 hour M04/330/H(2) c IB DIPLOMA PROGRAMME PROGRAMME DU DIPLÔME DU BI PROGRAMA DEL DIPLOMA DEL BI 224-035 2 pages INSTRUCTIONS TO CANDIDATES y Do not turn over this examination paper until instructed to do so. y Answer four questions. y Use diagrams and real-world examples where appropriate.
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Each question is worth [10 marks]. 1. “As price falls the quantity supplied falls. As supply increases price falls.” Use supply and demand analysis to explain why these two statements do not contradict each other. 2. Why is the concept of income elasticity of demand likely to be important for a producer of an agricultural product? Use supply and demand analysis in your answer.
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EcoHL P2 M04 - c 1 hour IB DIPLOMA PROGRAMME PROGRAMME DU...

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