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Economics
A Level

Why do we study microeconomics?

Microeconomics analyses economic decisions made at an individual, or micro, level as opposed to macroeconomics which approaches economics from a macro level (an economy as a whole).
Austrian economis...

Answered by Shivani S. Economics tutor
11697 Views

How does the law of diminishing marginal utility affect the demand for a Veblen good?

By definition, a Veblen good is one for which the quantity demanded increases as the price increases, which is an apparent contradiction of the law of demand. Examples of Veblen goods are normally very ex...

Answered by Shivani S. Economics tutor
13069 Views

What is PED and how do we calculate it?

Price elasticity of demand (PED) is a measure of the responsiveness in demand, following a change in price, of a good (defintion). It is calculated by the formula: % change in quantity demanded/ % change ...

Answered by Jamie D. Economics tutor
35700 Views

Discuss the extent to which recent changes in monetary policy have impacted upon the UK economy

The recent changes in monetary policy, which is the manipulation of monetary variables such as the Bank of England base rate and the amount of liquidity in commercial and retail banks to influence the lev...

Answered by Anandita K. Economics tutor
1769 Views

Explain the term 'equilibrium' and demonstrate how a new equilibrium position is established when there is a decrease in demand for a good or service.

The term equilibrium describes the point at which supply and demand for a good or service meet to create an equilibrium price (E1) and an equilibrium quantity (Q1). The term equilibrium shows how the mark...

Answered by Megan H. Economics tutor
5388 Views

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