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An increase in the number of public sector employees is likely to have two main benefits.
DIAGRAM SHOWING AGGREGATE SUPPLY AND AGGREGATE DEMAND INCREASING, SIMULTANEOUSLY SHOWING AVERAGE PRICES...
Food is a nessecity, there will always be demand for food. There are no substitutes and therefore, a change in price will not cause a change in demand. Thus the market is relatively price inelastic with a...
Firstly let's define Price Elasticity of Demand (PED): PED is the responsiveness of demand to a change in price.
In the real world, Uber is a great example, on a Saturday night demand for Uber ofte...
Graph on paper.
When the Government sets a price floor (ie a price below which a good cant be sold) new suppliers will want to enter the market. However, if the price floor is above the equilibrium...
They are changes in taxation and spending that happen automatically as the economy moves through different phases of the busines cycle. For example the tax revenues increase as the economy expands and tra...
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