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Demand is the total amount of goods and services that consumers are willing and able to purchase at a given price in a given time period. The Law of Demand states that as the price of a p...
As with many questions in economics A-level, I would start my answer with a paragraph explaining how under certain assumptions, an efficient allocation of resources can be achieved through the market mech...
Price elastic refers to when a change in the price of a good or services creates a larger percentage change in the demand for that good, or PED > 1. An example of an elastic good is Hovis Bread, becaus...
The marginal cost is the cost of producing an additional unit, whilst the average cost is the average cost of producing each unit. If the marginal cost is lower than the average cost then the average cost...
Firstly, let’s consider the concept of producer surplus. This can be defined as the difference between the price producers are willing to supply their goods/ services at and the market price (the price th...
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