Both parts of each question carry equal weight in the overall mark awarded and should be approximately 1000 words each
(a) Identify and explain the main economic factors that affect the demand for a product; the supply of a product and the resulting product price.
(b) Using the economic model developed in (a), analyse the demand, supply and price of water.
Depth of relevant economic content within an answer will determine the overall mark, as will the quality of analysis and evaluation of arguments and examples. Description of cases and examples will result in lower marks.
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