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What are the effects of price controls such as a maximum price (price ceiling)

Price controls by the government distort the market as supply is not able or willing to meet demand at the given imposed price. The market may not clear excess demand or excess supply as the price is fixed b...
JF
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Explain, using a diagram, how a firm might use third degree price discrimination to increase their profits.

Third degree price discrimination involves segmenting the market into groups, each with a different willingness to pay. For example, students (who have a lower willingness to pay), and non-students (who earn...
MC
Answered by Matt C. • Economics tutor
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Assess the importance of education and training to improve labour productivity in the UK.

(NOTE: This is an "evaluate" question so make sure to have a counterpoint i.e. HOWEVER...) Labour productivity = output per worker over a period of time (e.g. 2 cars a day). Labour productivity has...
TK
Answered by Tamara K. • Economics tutor
9443 Views

Evaluate the case for the introduction of subsidies for agricultural produce. (15 marks)

Such action would bring both advantages and disadvantages, though on the whole it may be considered wiser to favour such action, depending on the individual context. Firstly, subsidies would allow supply to ...
MM
Answered by Mo-Jai M. • Economics tutor
3496 Views

Evaluate the view that economic growth is best achieved through improvements in technology

Economic growth refers to an increase in real GDP (or output) and can be achieved in a number of ways not only including an improvement in technology but also attempts at improving the human capital of an ec...
HN
Answered by Hari N. • Economics tutor
10848 Views