Introduction+and+price+mechanism

Class Activity:
==One of the best ways to discover what is required by the examination board, is to become a marker of examination scripts. That's why I started marking for the IB. Now it's your turn! If you click on the files immediately below you'll see some examples of answers for the following question:==

3. Finally look at the actual marks and compare. How did you do?


 
 * A more difficult HL Q: Q2 on this paper looks at a number of important Micro issues. Have a go at it. **


 * And a typical "Elasticities' question examined in IB P1 : **
 * Carefully explain what it is that Price, income and cross elasticities of demand are meant to measure. (10) **
 * Discuss the practical importance of the concept of PED for businesses and the government. (15) **

=Key terms:=