IB Economics Unit 1:Competitive markets

Revision notes on the first section of the IB economics syllabus, competitive markets. Explanations of key concepts and diagrams, including excess demand and supply, equilibrium and allocative efficiency. There are notes on both the standard and higher part of the course and it has been written to the syllabus points. The higher parts are indicated by a dashed line along the left side of the page. 

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  • Created by: Milly
  • Created on: 09-04-13 16:07
Preview of IB Economics Unit 1:Competitive markets

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1.1 Competitive markets: Demand and supply
Markets
Demand
The non-price determinants of demand

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Linear demand functions (equations), demand schedules and graphs
Supply…read more

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The non-price determinants of supply…read more

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Linear supply functions, equations and graphs
Market equilibrium
Equilibrium and changes to equilibrium…read more

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Calculating and illustrating equilibrium using
linear equations
Qd = 50-5P Qs = -10 +
4P
Qd/Qs = 0=50-5P 0=-10+4P
0 5P=50 10=4P
P=10 P=2.…read more

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Calculate Pe Calculate Qe
50-5P=-10+4P Qd = 50-5(6.67)
9P=60 Qd=50-33.33
P$6.67 Qd16.…read more

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Market efficiency…read more

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