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What is the impact of technological advances on a market?

Technological advances now mean that firms are able to produce more. This then increases supply, shifting the supply curve on the supply and demand diagram outward (to the right). As a result of this, market...
JW
Answered by Jessica W. • Economics tutor
2053 Views

Explain, using an example, what is meant by 'opportunity cost'?

Opportunity cost is defined as the next best alternative forgone. This is essentially, all the other alternatives that have to be given up when you make a choice. For example, the opportunity cost of going t...
JW
Answered by Jessica W. • Economics tutor
4299 Views

Are taxes an effective way to stop people smoking?

When looking at how taxes impact the demand for any product, it is important to assess how elastic/inelastic consumers are towards price changes. Taxes are a price-changing instrument, and are predominantly ...
JL
Answered by Joss L. • Economics tutor
1605 Views

Explain why the demand for food is relatively price inelastic

Food is a necessity to which there is no substitute. As a result, more consumers will be willing to pay higher prices, meaning a change in price will not cause a proportionate change in demand
JO
Answered by Jack O. • Economics tutor
1572 Views

Explain one negative externality that could occur due to the building of a new airport

Noise pollution- Both the building of the airport and its functioning can create large amounts of noise, which can affect the quality of living of nearby residents
JO
Answered by Jack O. • Economics tutor
1538 Views