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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...

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 d...

Key Equation: Q = mcΔT Where: Q = heat transferred (J), m = mass of substance which is heated (g), c = heat capacity of water (J g^-...

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...

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...