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The objective of price stability is to maintain a sustainable level of inflation, with the target being 2% for the UK government. A low level of unemployment can be defined as a low number of economic age...
The textbook definition of price elastic demand is when % change in quantity demanded (QD) is greater than the % change in price (P). This can be viewed in the formula for price elasticity of demand: %cha...
PED stands for Price Elasticity of Demand. It refers to the percentage change of quantity demanded (Qd) of a product as a result of a change in price (P) of that product. It is calculated by dividing the ...
Start by defining the relevant market (e.g. monopolistic competition). This should follow along the lines of: ‘a market structure where many firms operate providing slightly differentiated goods and servi...
While this is not necessarily relevant for the IB exams, it is important to keep in mind that the interest rate that we use in the macro-economic models like the AD/AS model is an approximation of cost of...
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