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What are the economic assumptions for a perfectly competitive market?

There are four fundamental assumptions which must all be satisfied: There must be many buyers and sellers in the market and they all have to be price takers. That is to say, none of them are large enough to ...
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Answered by Peter W. Economics tutor
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Work out 3 and 1/2 divided by 2 and 4/5

Start by converting these mixed numbers into top-heavy fractions: 3 and 1/2 becomes 7/2 (3x2=6; 6+1=7)2 and 4/5 becomes 14/5 (2x5=10; 10+4=14)Then use the 'KFC' formula - 'Keep it, flip it, calculate it': So...
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Answered by Sarah M. Maths tutor
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Explain what is meant by PED (Price elasticity of demand)

Price elasticity of demand is a measure used in economics to show the responsiveness, or elasticity, of the quantity demanded of a good or service to a change in its price when nothing but the price changes....
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Answered by Joao R. Economics tutor
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Simplify the following: ((1/3)(c^2))^3

So you have the following: ((1/3)(c^2))^3 which can be rewritten as:((1/3)(c^2))x((1/3)(c^2))x((1/3)(c^2)) at which point it becomes easier to simplify:= (1/3)x(1/3)x(1/3)xc^(2+2+2)= (1/27)c^6
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Answered by Orlando B. Maths tutor
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Give the word equation for aerobic respiration and explain the difference between aerobic and anaerobic respiration in animals

Respiration: Glucose + Oxygen --> Water + Carbon Dioxide + Energy If there is a lack of oxygen then anaerobic respiration will take place instead of aerobic respiration, which in animals has the following...
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Answered by Orlando B. Science tutor
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