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To get a firm's long run average cost, you need to divide the total cost by quantity. As such, (1000Q - 30Q² + Q³)/Q = 1000 - 30Q + Q². From this we can see that the long ...

Some important conditions of perfect competition are that all firms sell an identical (homogeneous) product, there is a large number of buyers and sellers, and no one buyer or seller can influence the rul...

This is an example of a 5 marker in the second part of new spec edexcel paper 1

1 mark for defining supply and demand

1 mark for applying it to context (text provided in the exam) 

3 ...

Unemployment is defined as the people who are able, available and willing to work at the going wage rate but who cannot find work despite an active search for work. Fictional unemployment is one cause of ...

Inflation is a continuous or persistent rise in the price level, or can be seen a fall in the value of money (if bread goes from costing £1 a loaf to £1.10, it means £1 becomes less valuable with the incr...