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Explain price elasticity of demand and how this may impact government taxation

In economics goods/services usually have either elastic or inelastic elasticities of demand. Elastic demand means that a change in price results in a proportionally larger change in quantity demanded, whi...

Answered by Isobel W. Economics tutor
2564 Views

Evaluate the effect of UK inflation on a niche clothing boutique in UK.

Inflation can be described as the constant tendency for price levels to rise in an economy. There are many factors involved which determine the overall effect of inflation on a business. Firstly, an incre...

Answered by Sakina T. Economics tutor
1291 Views

Explain how a monopoly affects competition in a market

A monopoly is a type of market structure where by the market is dominated by one company. Due to the lack of participants in the market, the monopoly has the ability of charging high prices with low quant...

Answered by Chloe M. Economics tutor
1144 Views

What is the different between an increase in demand and an extension in demand?

First of all this is something that people very frequently struggle with and it can be difficult to get your head around at first. But if we were to look at the demand curve it is easier to visualise the ...

Answered by Adam M. Economics tutor
26170 Views

Using a diagram, show how a polluting factory may cause a negative externality to society, and how a tax might be used to solve this market failure.

The first thing to do in this question is to make sure to define the terms. A negative externality is the negative unintended spill-over effects of an economic activity. In this case, when the factory pro...

Answered by Aurora M. Economics tutor
1874 Views

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