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1: Explain how the incidence of an indirect tax depends on the price elasticity of demand and the price elasticity of supply. 2: Using diagrams, explain how the incidence of an indirect tax may be affected by the price elasticity of demand. 3: Explain the factors which might influence ofRead More
Chapter 2: Competitive Markets: Demand and Supply 1: Explain how the price mechanism reallocates resources when there is an increase in demand for a good or service. 2: With reference to the concept of excess demand, explain how a decrease in supply of a good would lead to a newRead More
Today everybody talks about globalization, so how does a local get a global perspective? it starts from the schooling days, that is education. Education is the start of globalization and IB(International Baccalaureate) promises to implement this thinking in their educational program. IB offers educational as well as overall development. IBRead More
Chapter 3 Elasticities Explain how the incidence of an indirect tax depends on the price elasticity of demand and the price elasticity of supply. [10] Using diagrams, explain how the incidence of an indirect tax may be affected by the price elasticity of demand. [10] Explain the factors which mightRead More
IB Exam Practice Question: Chapter 2: Competitive Markets: Demand and Supply Q1: Using diagram (s), explain the signaling and incentive functions of price. [10 Marks] Q2: Explain how an increase in the costs of factors of production would affect the market price and output of a good. [10 Marks] Q3:Read More
