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Stuart (Parent) October 26 2016
Stuart (Parent) October 27 2016
(1) 5x + 2y = 20
(2) x + 4y = 13
Step 1: Eliminate x or y. We do this but making either the x or y terms the same, in this example, I will make the y terms the same, by multiplying the first equation by 2.
(1) X 2 = 10x + 4y = 40. Let's call this equation (3).
We can now take equation (2) away from (3).
10x + 4y = 40
_ x + 4y = 13
9x = 27
Step 2: Divide both sides by 9 to get x on its own.
x = 3.
Step 3: Substitute x into equation (1) or (2).
For example, if you substitute it into equation (2) you get: 3 + 4y = 13.
Step 4: Rearrange to find y. 4y = 10
y = 2.5
Step 5: Check your answer by substiting your values for x and y into equation (1) or (2).
Equation 1: 5(3) + 2(2.5) = 20
15 + 5 = 20
The left hand side equals the right hand side, so you have found x and y!see more
Price elasticity of demand is the responsiveness of demand to a change in price. (Definitions are key in economics!)
1. The number and closeness of substitutes, if a good has many close (similar) substitutes, it will be very price elastic. This is because if the price were to increase for one good e.g. Coke, most people will switch to Pepsi, a close substitute. Or if the price of Coke fell, Pepsi drinkers would change to Coke, showing demand is elastic and will change.
2. Proportion of income spent on the good. The larger the proportion of income spent on the good, the more price elastic it is. For example, if you're buying a new car, which takes up a high proportion of income, demand will be responsive to a change in price. You will be more likely to buy it if the price fell.see more