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The price elasticity of demand (PED) measures the responsiveness of demand to a change in price. It is calculated by dividing the percentage change in quantity demand by the percentage change in price. Pr...
The Gini coefficient is a measure of inequality. It is equal to 0 when there is no inequality (the economy's income is shared perfectly equally between all individuals) and up to 1 which is perfect inequa...
Consumer and producer surplus are shown by the basic demand and supply curve diagram. Drawing a dotted line from the equilibrium point to each of the axis allows us to show them. The consumer surplus is t...
An appreciation causes a currency to become worth more against other currencies. Using a whiteboard - draw a diagram of a supply/demand exchange rate curves, showing that demand needs to increase and/or s...
Merit goods are goods that are under-consumed. They provide positive externalities and so the social benefit from consumption outweighs the private benefit. Market failure occurs when merit goods are unde...
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