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Please explain the concept of price elasticity of demand

Price elasticity of demand describes how the demand for a good responds to a change in its price. This is calculated by dividing the percentage change in Quantity demanded by percentage change in Price (a...

Answered by Frederica M. • Economics tutor

2060 Views

Explain one consequence of a more globalised world?

More interdependency
More free trade
Increased competition

Answered by Saqlain C. • Economics tutor

1498 Views

Can you please explain the law of diminishing returns?

The law of diminishing returns refers to our production function in the short run. Remember, we define the short run as when we have at least on factor of production that is fixed. The easiest, and typica...

Answered by Emily H. • Economics tutor

2281 Views

Discuss the extent to which economic development in the resource-rich economies of sub-Saharan Africa is likely to be promoted by international trade

Through international trade resource-rich economies in sub-Sahara Africa will be able to increase their exports; since exports are a component of Aggregate Demand, this will increase AD. Higher AD will in...

Answered by Euan H. • Economics tutor

2334 Views