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The National Living Wage (NLW) government policy target is to increase the NLW to £9 per hour by 2020. Explain two possible impacts of this policy on the UK supermarket industry.

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 switch...
AB
Answered by Alex B. • Economics tutor
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Explain a constraint to economic development and offer a policy prescription

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 price ...
EC
Answered by Edward C. • Economics tutor
5723 Views

Evaluate the view that all firms are aiming to maximise profits

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 objectiv...
DD
Answered by Daniel D. • Economics tutor
24238 Views

Explain the concept of price elasticity

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 quantity ...
VG
Answered by Vivek G. • Economics tutor
2309 Views

Evaluate the impact of a fall in the price of oil on the market for diesel cars

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? what facto...
HB
Answered by Hugh B. • Economics tutor
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