EcoHL P2 M02 M

EcoHL P2 M02 M - MARKSCHEME May 2002 ECONOMICS Higher Level...

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Unformatted text preview: MARKSCHEME May 2002 ECONOMICS Higher Level Paper 2 4 pages M02/330/H(2)M INTERNATIONAL BACCALAUREATE BACCALAUR&AT INTERNATIONAL BACHILLERATO INTERNACIONAL c Question 1 Price of tickets for a tennis tournament Candidates are expected to produce the standard demand and supply diagram with a maximum price set below the equilibrium, with demand exceeding supply and supply being fixed. Consequences might include shortages, an &unofficial market, a rationing system, first come first served, and queues. Give a maximum of [3 marks] for an accurately drawn diagram only with no accompanying explanation. Give a maximum of [6 marks] for an explanation without a diagram. High scoring answers are likely to incorporate the diagram into the body of the text in examining the likely consequences. Question 2 Reduction in passenger fares Candidates might answer this question in terms of the following: movement along a demand curve; price elasticity of demand/total revenue; cross elasticity of demand; price discrimination; income...
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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 M02 M - MARKSCHEME May 2002 ECONOMICS Higher Level...

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