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Increased labour costs, many staff on minimum wage. This could impact on competitiveness against other supermarkets, as prices may have to be increased to match the increase in costs, so customers may swi...
Countries who are dependent on primary products often are constrained in achieving economic development. Such a dependency offers two distinct issues. Firstly, as demand and supply for commodities are pri...
Profit maximisation is an objective of a firm that seeks to produce output where Marginal Cost is equal to Marginal Revenue. Therefore, it is assumed rationally that this would be the most important objec...
Price elasticity of demand (PED) is how demand of a good/service changes as the price of the good/service changes.As a formula: % change in quantity demanded / % change in pricePED < 1 means the quanti...
3 sections:Analysis: what happens to supply/demand as a result?Application: in detail, what drives these changes in supply/demandEvaluation: how likely are these effects? are there any time lags? w...
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