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Using examples, explain the difference between price elastic and inelastic.

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...

Answered by Rebecca H. • Economics tutor

4732 Views

Given the curve y=x^2 +1 and the line y=k, find, using graphical methods only, the value of k for which there is exactly one solution.

Graphically, the solution of a pair of simultaneous equations is the point of intersection between both curves. If we want only one solution to the system of equations, then there should only be one point...

Answered by Marcos T. • Maths tutor

2754 Views

Factorise the following expression x^2+11x+24=0

Find two values that multiply together to make 24, and add together to make 11
List the factors of 24:24,112,26,48,3
Here we can see the only numbers that add together to make 11 are 8 and 3, s...

Answered by Lauren M. • Maths tutor

2947 Views

On the graph related to the firms topic, why does the marginal cost curve meet the average cost curve at its lowest point.

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...

Answered by Asisa S. • Economics tutor

5599 Views

How can you distinguish between an endothermic reaction and an exothermic reaction based on temperature change of the surroundings.

In an exothermic reaction, energy is released from the system and into the surroundings, the system loses energy so the surroundings gain energy. The surroundings gain energy as heat and therefore there i...

Answered by Kuba S. • Chemistry tutor

7463 Views