Hkcee 2010 Econ Paper 2 Q2 |work| Jun 2026

Set ( Q_d = Q_s ). From demand: ( P = 100 - 2Q ). From supply: ( P = 20 + 3Q ). [ 100 - 2Q = 20 + 3Q ] [ 100 - 20 = 3Q + 2Q ] [ 80 = 5Q \implies Q_e = 16 \text tonnes ] Substitute into demand: ( P_e = 100 - 2(16) = 100 - 32 = 68 ).

Total Opportunity Cost=Explicit Monetary Cost+Implicit Value of Forgone OptionTotal Opportunity Cost equals Explicit Monetary Cost plus Implicit Value of Forgone Option Common Examination Traps to Avoid hkcee 2010 econ paper 2 q2

Stating that total revenue always rises when price rises (ignoring elasticity). Must explicitly link PED value to revenue change. Set ( Q_d = Q_s )

For HKCEE candidates, mastering question 2 meant mastering diagram analysis – always: [ 100 - 2Q = 20 + 3Q

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Human wants are unlimited, but resources are finite. Scarcity forces individuals and societies to make choices.