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Price elasticity of demand = change in demand / change in price change in price = 7.20 --> 8.48 = 17.78% increasechange in demand = 97 million --> 76 million kilos = 21.6% decrease therefore PED = -...
The basic economic problem is usually defined as there being a situation of scarce resources but an unlimited or infinite number of wants and demands for these resources. Economics as a discipline seeks t...
An increase in house prices will increase the wealth of house owners. Knowing that their asset is worth more, house owners will have more confidence to borrow, spend and take risks, this is known as the w...
In general, modern central banks such as the ECB or BoE tend to use interest rate targeting as a way of tightening or loosening monetary policy, however occasionally the money supply is manipulated instea...
When oil price increased, the cost of production for plane company increase and supply will shift left. When supply sift left the price will increase and quantity will decrease.
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