exam technique

Question 1

how to tackle SUPPLY AND DEMAND questions

Answer 1

THINK
WHAT is changing
Will it make the D or S curve shift
What is the result

Question 2

how to draw S and D graphs (4)

Answer 2

1) Standard D and S curve, with labelled axis, curves and labelled equilibrium

2)Determine which curve shifts, and which way, and draw it on + label (D1/S1)

2) Label new equilibrium with p1 and q1

4) Draw arrow to show the contraction/extension on the other curve, and arrows showing the price/quantity increase or decrease

Question 3

how to tackle supply and demand questions (4)

Answer 3

1) KNOWLEDGE: what has happened so supply/demand and why → right answer
-Be prudent, dont be tricked, look for keywords in the text
- No marks for definitions

2) APPLICATION: use a piece of evidence that demonstrates this change from the information given (extract in context)

3) APPLICATION: use a piece of evidence that demonstrates this change from the information given (extract in context)

4) DEVELOPMENT: show your understanding with development and an expansion of your answer
- why/becuase
- cause/consequence

Question 4

example of an S+D question

Answer 4

Kn: The prices of Limes rose because the quantity of limes supplied decreased

App x2: due to external shocks, such as poor weather, disease and cartel wars. This price increase can be seen where an 18 kilo box of limes cost $20 in 2013, but it had increased to $120 in 2014.

An: The decreased supply of limes causes the supply curve to shift to the left. This creates a new equilibrium, where price has increased as quantity supplied has decreased.