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Inflation is defined as a sustained increase in the general price level over time, and is measured by the % change in the CPI. High inflation can be defined as a level which is unsustainable for the econo...
3rd degree price discrimination is when a firm charges different prices to different groups of consumers. This is done in order to maximise revenue by charging a higher price to consumers who are willing ...
On the x-axis we have quantity, on the y-axis (instead of price) we have costs/benefits. For an externality in consumption (positive or negative) the "supply line" is always labelled as marginal...
Initially we are at an equilibrium where AD1 is equal to SRAS1 giving rise to a Price Level of PL1 and a level of Real Output of Y1. The increase in oil prices ...
Inflation refers to rising price levels. The annual rate of inflation measure the annual percentage increase in price. If the rate is negative (e.g. in Japan), then prices are fall...
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