Paper 3 question on market structures
IB Economics Paper 3 includes two compulsory questions. This is a sample Paper 3 question. The time allowed for Paper 3 is 105 minutes, so students should spend 52.5 minutes on each question. This Paper 3 style question is on market structures. 1. A bakery finds that when they increase the price of bread from $5 to $10, quantity demanded falls from 50m loaves sold to just 40m. (a) (i) Calculate the price elasticity...