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A Level

Between 2010 and 2015 the average price of tea in the UK increased from £7.20 per kilo to £8.48 per kilo. Over the same period the quantity of tea purchased fell from 97 million kilos to 76 million kilos. Find the price elasticity of demand

price elasiticy of demand is determined by the percentage change in quantity demanded divided by the percentage change in the price of a good. Therefore, to find the elasticity of demand, you must find th...

Answered by Economics tutor

With the help of a diagram, outline the long run effects of the coronavirus pandemic on the United Kingdom if there is no government intervention

If the UK government chooses not to intervene in reducing th~e transmission rates of the coronavirus, we would see a larger increase in cases over a shorter period of time than if there was intervention i...

Answered by Isaac O. Economics tutor

What is deadweight welfare loss and how is it shown on a market failure diagram?

In Economics, we assume consumers are perfectly rational and make decisions based on maximising their own utility. Welfare, or utility, is a measure of the net benefit derived from the consumption of a go...

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Identify two key responsibilities of a country's central bank.

A country's central bank controls the supply of money and controls and sets the country's interest rates.

Answered by Ryan S. Economics tutor

Define a firm's shutdown point, and explain it intuitively using an example

A firm's shutdown point occurs when the price they receive on each product is equal to its average variable cost. In the short run (when at least one factor of production is fixed), the firm will reduce i...

Answered by Eden P. Economics tutor

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