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Price Elasticity of demand relates to how responsive consumers are in response to a change in the price of any given good or service. You can calculate price elasticity through the formula: Price elastici...
Opportunity cost is the next best alternative forgone when a choice is made. If one had a choice of buying product A and product B, the opportunity cost of buying product A is product B.
A good that is relatively price inelastic is one whose demand will not change much as a result of a change in its price level.Food is a necessity good and therefore consumers will continu...
Price elasticity of demand is the responsiveness of quantity demanded to changes in price in the market.If PED was to be inelastic, price changes have a small effect on changes in quantity demanded.
The base rate of interest is the interest rate set by the Bank of Englands monetary policy committee (MPC) in order to stimulate the economy in the way the government sets out . The base rate of interest ...
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