{"id":594,"date":"2010-12-13T11:32:33","date_gmt":"2010-12-13T17:32:33","guid":{"rendered":"http:\/\/opengecko.com\/economics\/data-responsechampagne-supply-and-demand\/"},"modified":"2010-12-13T11:32:33","modified_gmt":"2010-12-13T17:32:33","slug":"data-responsechampagne-supply-and-demand","status":"publish","type":"post","link":"https:\/\/opengecko.com\/geckoview\/economics\/data-responsechampagne-supply-and-demand\/","title":{"rendered":"Data Response&ndash;Champagne, Supply and Demand"},"content":{"rendered":"<p><font size=\"4\">Credit: I came across this useful practice data response question via a student\u2019s blog associated with this teacher\u2019s site: <\/font><a title=\"http:\/\/www.peteranthony.org\/wordpress\/\" href=\"http:\/\/www.peteranthony.org\/wordpress\/\"><font size=\"4\">http:\/\/www.peteranthony.org\/wordpress\/<\/font><\/a><\/p>\n<p><a href=\"https:\/\/opengecko.com\/geckoview\/wp-content\/uploads\/2010\/12\/image10.png\"><img loading=\"lazy\" decoding=\"async\" style=\"background-image: none; border-bottom: 0px; border-left: 0px; margin: 0px; padding-left: 0px; padding-right: 0px; display: inline; border-top: 0px; border-right: 0px; padding-top: 0px\" title=\"image\" border=\"0\" alt=\"image\" src=\"https:\/\/opengecko.com\/geckoview\/wp-content\/uploads\/2010\/12\/image_thumb7.png\" width=\"500\" height=\"333\" \/><\/a><\/p>\n<p>Image: <a href=\"http:\/\/creativecommons.org\/licenses\/by-sa\/2.0\/\">Some rights reserved<\/a> by <a href=\"http:\/\/www.flickr.com\/photos\/nelsonro\/\">epicxero<\/a><\/p>\n<p><font size=\"4\">I think this is an excellent introduction to this 3rd paper which forms part of the IB Economics final assessment. The questions are straightforward, but you will need to pay close attention to the markscheme for these kinds of questions, which usually follow the same format.<\/font><\/p>\n<h4><font size=\"4\">1) The article (data to which to respond):<\/font><\/h4>\n<p><a href=\"http:\/\/www.dailymail.co.uk\/news\/article-1219016\" target=\"_blank\"><font size=\"4\">UK Newspaper, Daily Mail, on Champagne price decreases, October 2009<\/font><\/a><\/p>\n<h4>2) The questions<\/h4>\n<p><font size=\"4\">1. Define the following terms: a) demand, b) supply [4]     <br \/>2. Using an appropriate diagram, explain one reason for why the price of a bottle of champagne has fallen? [4]      <br \/>3. Using an appropriate diagram, explain one reason for why the price of champagne will probably rise next year? [4]      <br \/>4. Using information from the text and your knowledge of economics, evaluate a decision not to raise the price of a bottle of champagne over the coming months before Christmas. [8]      <br \/><\/font><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Credit: I came across this useful practice data response question via a student\u2019s blog associated with this teacher\u2019s site: http:\/\/www.peteranthony.org\/wordpress\/ Image: Some rights reserved by epicxero I think this is an excellent introduction to this 3rd paper which forms part of the IB Economics final assessment. The questions are straightforward, but you will need to&hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,10],"tags":[208,207,40,42,197,39],"class_list":["post-594","post","type-post","status-publish","format-standard","hentry","category-economics","category-ib-economics","tag-assessment","tag-data-response","tag-demand","tag-equilibrium-price","tag-microeconomics-2","tag-supply"],"_links":{"self":[{"href":"https:\/\/opengecko.com\/geckoview\/wp-json\/wp\/v2\/posts\/594","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/opengecko.com\/geckoview\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/opengecko.com\/geckoview\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/opengecko.com\/geckoview\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/opengecko.com\/geckoview\/wp-json\/wp\/v2\/comments?post=594"}],"version-history":[{"count":0,"href":"https:\/\/opengecko.com\/geckoview\/wp-json\/wp\/v2\/posts\/594\/revisions"}],"wp:attachment":[{"href":"https:\/\/opengecko.com\/geckoview\/wp-json\/wp\/v2\/media?parent=594"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/opengecko.com\/geckoview\/wp-json\/wp\/v2\/categories?post=594"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/opengecko.com\/geckoview\/wp-json\/wp\/v2\/tags?post=594"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}