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Distinguish between the effect of an increase in income and an increase in the price of a good on the demand for the good.

The demand of an individual consumer indicates the various quantities of a good (or service) the consumer is willing and able to buy at different possible prices during a particular time period, ceteris pari...
IP
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Discuss how a business may practice 3rd degree price discrimination

3rd degree price discrimination is when a firm charges different prices to different groups of consumers. This is done in order to maximise revenue by charging a higher price to consumers who are willing to ...
JW
3410 Views

Explain the effect on GDP of an expansionary monetary policy (10)

Monetary policy is the use of the interest rates to influence aggregate demand and therefore influence GDP. Interest rates are the rates at which borrowers are charged or lenders paid for their loan, they ar...
AD
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What is a 'trade off'?

It involves choosing more of one and less than another, or choosing something instead of another.This means that 2 options are compared against each other in a scenario to find an optimum that will meet the ...
CH
Answered by Cora H. • Economics tutor
7383 Views

How to identify/draw the different types of externalities

On the x-axis we have quantity, on the y-axis (instead of price) we have costs/benefits. For an externality in consumption (positive or negative) the "supply line" is always labelled as marginal pr...
TP
Answered by Tom P. • Economics tutor
2686 Views