Top answers

Explain the difference between marginal returns to factor and returns to scale?


The short-run is defined as the period during which one cannot vary at least one of the factors of production, i.e. at least one factor of production is fixed. The long-run is defined as the period during wh...
JS
Answered by Julia S. • Economics tutor
8398 Views

Explain the concept of price elasticity of demand? How does one calculate it? What is the relationship between price elasticity of demand and firms’ total revenue?

Price elasticity of demand (PED) is a measure of the responsiveness of demand for a product after a change in that product’s price. It is calculated with the following formula: PED = %change in quantity dema...
JS
Answered by Julia S. • Economics tutor
32565 Views

In one experiment, the temperature of 50 g of water increased from 22.0 °C to 38.4 °C. The mass of alcohol burned was 0.8 g. Calculate the heat energy (Q) in joules, released by burning 0.8 g of the alcohol.

Key Equation: Q = mc ΔT Where: Q = heat transferred (J), m = mass of substance which is heated (g), c = heat capacity of water (J g -1 °C -1 ) and ΔT = temperature change for heated substance (°C) . c = 4.2 ...
DB
Answered by David B. • Chemistry tutor
12893 Views

f(x) = 2x + c, g(x) = cx + 5, fg(x) = 6x + d. c and d are constants. Work out the value of d. 3 marks.

fg(x) = 2(cx+5) + c = 2cx+10+c [1 mark] fg(x) = 6x+d. fg(x) = 2cx+10+c 6x = 2cx and d = 10+c [2 marks] 3 = c and therefore d = 13 [3 marks]
HK
Answered by Heba K. • Maths tutor
22756 Views

Consider the Supermarket Industry. Tesco dominates the market with a 43% market share. Its closest rival is Sainsbury's with 19% of the market. Outline the potential costs and benefits of a merger between the two supermarkets.

Benefits: Economics of scale- shown on graph (movement to lower part of LRAC curve) can potentially pass on cost savings Profitability shared resources High tax revenue for the government Costs: Monopoly pow...
HV
Answered by Himesh V. • Economics tutor
2342 Views