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Please can you help me to understand the concept of price elasticity of demand (PED)?

What is the relationship between price and quantity demanded for a certain good X? PED can help us solve this question. The price elasticity of demand is calculated as the "percentage change in quantity...
Answered by • Economics tutor
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Assess the impact of minimum wage legislation on a developing economy.

An increase of a National Minimum Wage (NMW) increases living standards of the population by increasing their spending power. This, will cause demand for consumer products to increase, causing GDP to increas...
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Answered by Rory Q. • Economics tutor
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Please can you help me to understand the concept of price elasticity of demand (PED)?

PED is a measure of the responsiveness of demand following a change in the price of a good or service e.g. if the price of good X rose by 20%, PED would measure the extent to which the demand for good X chan...
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Answered by Tara P. • Economics tutor
3702 Views

Explain the concept of internal economies of scale and the three stages of returns that can occur when firms increase their factors of production? Graphs maybe used in your answer

Internal economies of scale are centred around the relationship of a firm increasing its factors of production ie. its inputs and how this affects the average cost of producing goods. The general concept is ...
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Answered by Colm K. • Economics tutor
3361 Views

What would be the impact on the multipler effect given an increase in income tax?

The multipler effect is when an additional increase in aggregate demand can cause a greater final impact on national income (GDP) than the inital size of the injection, with the multipler being a coefficient...
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Answered by Daud B. • Economics tutor
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