Indifference Curves - Normal Goods
•
3 likes•6,808 views
This revision presentation uses indifference curves to show the effect of a rise in income on demand for normal goods.
Report
Share
Report
Share
Recommended
Indifference Curves - Inferior Goods
The document discusses how a rise in real income could impact demand for different grocery products. It assumes fresh pasta has a positive income effect, while baked beans are inferior goods. The document includes labels for fresh pasta, own label, baked beans, income curves, and budget lines in analyzing how consumption of these items may change with increasing income.
Measuring the Cost of Living
The document discusses how the consumer price index (CPI) is used to measure inflation and changes in the cost of living over time. The CPI tracks the prices of goods and services in a set basket to measure the average change in prices from a base year. It is calculated monthly by the Bureau of Labor Statistics and used to determine the inflation rate. While the CPI provides a measure of inflation, it has limitations as it does not reflect consumers substituting goods when prices change or new product introductions improving purchasing power.
Mankiew chapter 7 Consumers, Producers, and the Efficiency of Markets
What is consumer surplus? How is it related to the demand curve?
What is producer surplus? How is it related to the supply curve?
Do markets produce a desirable allocation of resources? Or could the market outcome be improved upon?
Edexcel Unit 4 essays mark schemes 2010-2013
This document contains sample exam questions and mark schemes from Edexcel economics exams from 2010-2013. It provides sample 20 and 30 mark questions on various economics topics, along with possible answers and evaluation points that could be addressed. The questions cover issues like fiscal policy, taxation, inequality, international competitiveness, economic growth and more. Suggested answers provide analysis of key factors and concepts, along with evaluations of the issues.
Measuring a nations Income
Measuring a nations Income
GDP
Real GDP
Nominal GDP
Circular Flow Diagram
Components of GDP
The GDP Deflator
Why Do We Care About GDP?
GDP Does Not Value:
Budget constrain
The document discusses the budget constraint and optimal consumer choice. It begins by explaining the budget constraint conceptually and mathematically, showing how a consumer's income and the prices of goods determine which bundles of goods are affordable. It then shows how consumers can determine their optimal bundle by finding the point where an indifference curve is tangent to the budget constraint. This ensures the marginal rate of substitution between goods equals the relative price ratio. Finally, it explains how changes in prices or income can be decomposed into substitution and income effects, with substitution effects occurring when relative prices change and income effects when real income changes.
Mankiew chapter 8
The document discusses the costs of taxation, including how taxes affect consumer surplus, producer surplus, and total surplus. It explains that the deadweight loss of a tax is the reduction in total surplus that results from the market distortion caused by the tax. The size of the deadweight loss depends on the price elasticities of supply and demand - the more elastic they are, the larger the deadweight loss will be. Doubling or tripling a tax causes the deadweight loss to increase by more than the amount of the tax increase. Tax revenue initially increases with tax size but eventually falls as the tax further reduces the size of the market.
Contestable Markets
Students should be able to:
Understand the characteristics of this market structure with particular reference to the interdependence of firms
Explain the behaviour of firms in this market structure
Explain reasons for collusive and non-collusive behaviour
Evaluate the reasons why firms may wish to pursue both overt and tacit collusion
Recommended
Indifference Curves - Inferior Goods
The document discusses how a rise in real income could impact demand for different grocery products. It assumes fresh pasta has a positive income effect, while baked beans are inferior goods. The document includes labels for fresh pasta, own label, baked beans, income curves, and budget lines in analyzing how consumption of these items may change with increasing income.
Measuring the Cost of Living
The document discusses how the consumer price index (CPI) is used to measure inflation and changes in the cost of living over time. The CPI tracks the prices of goods and services in a set basket to measure the average change in prices from a base year. It is calculated monthly by the Bureau of Labor Statistics and used to determine the inflation rate. While the CPI provides a measure of inflation, it has limitations as it does not reflect consumers substituting goods when prices change or new product introductions improving purchasing power.
Mankiew chapter 7 Consumers, Producers, and the Efficiency of Markets
What is consumer surplus? How is it related to the demand curve?
What is producer surplus? How is it related to the supply curve?
Do markets produce a desirable allocation of resources? Or could the market outcome be improved upon?
Edexcel Unit 4 essays mark schemes 2010-2013
This document contains sample exam questions and mark schemes from Edexcel economics exams from 2010-2013. It provides sample 20 and 30 mark questions on various economics topics, along with possible answers and evaluation points that could be addressed. The questions cover issues like fiscal policy, taxation, inequality, international competitiveness, economic growth and more. Suggested answers provide analysis of key factors and concepts, along with evaluations of the issues.
Measuring a nations Income
Measuring a nations Income
GDP
Real GDP
Nominal GDP
Circular Flow Diagram
Components of GDP
The GDP Deflator
Why Do We Care About GDP?
GDP Does Not Value:
Budget constrain
The document discusses the budget constraint and optimal consumer choice. It begins by explaining the budget constraint conceptually and mathematically, showing how a consumer's income and the prices of goods determine which bundles of goods are affordable. It then shows how consumers can determine their optimal bundle by finding the point where an indifference curve is tangent to the budget constraint. This ensures the marginal rate of substitution between goods equals the relative price ratio. Finally, it explains how changes in prices or income can be decomposed into substitution and income effects, with substitution effects occurring when relative prices change and income effects when real income changes.
Mankiew chapter 8
The document discusses the costs of taxation, including how taxes affect consumer surplus, producer surplus, and total surplus. It explains that the deadweight loss of a tax is the reduction in total surplus that results from the market distortion caused by the tax. The size of the deadweight loss depends on the price elasticities of supply and demand - the more elastic they are, the larger the deadweight loss will be. Doubling or tripling a tax causes the deadweight loss to increase by more than the amount of the tax increase. Tax revenue initially increases with tax size but eventually falls as the tax further reduces the size of the market.
Contestable Markets
Students should be able to:
Understand the characteristics of this market structure with particular reference to the interdependence of firms
Explain the behaviour of firms in this market structure
Explain reasons for collusive and non-collusive behaviour
Evaluate the reasons why firms may wish to pursue both overt and tacit collusion
Chapter 24 measuring the cost of living
measuring the cost of living
Consumer Price Index
How the CPI Is Calculated
Problems with the CPI
Contrasting the CPI and GDP Deflator
Correcting Variables for Inflation:
Tru earth
TruEarth Healthy Foods is considering launching a new line of whole grain pizzas. The document analyzes market research data to determine the potential sales volume of the new product line. It considers customer penetration rates, repeat purchase rates, and sales at different price points. Based on the analysis, the document recommends TruEarth launch the product line, estimating sales of $12.16 million assuming an 11% customer penetration rate and the ability to price between $11.38 to $12.38. Key learnings highlighted are understanding market research assumptions, analyzing data to decide on new products, and recognizing limitations of decisions based on available data.
Shut down price
The document discusses shut down price and normal profit price for a firm operating in a perfectly competitive market. It shows these prices on a diagram with marginal cost, average cost and average variable cost curves. The shut down price is where price equals minimum average variable cost, as below this price the firm would face losses by continuing operations. The normal profit price is where price equals average cost, allowing the firm to cover total costs and earn normal profits in the short run. The shut down price is a short run concept that determines whether a firm should continue or cease production temporarily.
Application: The Costs of Taxation
The document discusses the costs of taxation. It explains that taxes reduce economic efficiency by creating a wedge between the price paid by buyers and received by sellers. This leads to a reduction in quantity traded from the efficient level. The difference between the total benefits and costs without the tax, compared to with the tax, is called the deadweight loss. The size of the deadweight loss depends on how responsive supply and demand are to price changes - the more responsive they are, the greater the efficiency reduction from the tax. While tax revenue increases with moderate tax rates, very high taxes can reduce market size and quantity traded so much that they ultimately lower tax revenues too.
Firms in Competitive Markets
A competitive market has many small firms that produce identical goods, with free entry and exit. Each firm is a price taker and maximizes profits by producing where marginal revenue equals marginal cost. The competitive firm's supply curve is its marginal cost curve above average variable cost in the short run and above average total cost in the long run. Market supply is the sum of individual firm supplies. In the long run, entry and exit drive the market to equilibrium with price equal to minimum average total cost and zero profits.
The Theory of Consumer Choice
1. The document discusses the theory of consumer choice and how it relates to budget constraints, preferences, and optimization.
2. It explains that a consumer's budget constraint depicts the combinations of goods they can afford based on their income and prices, while their preferences are represented by indifference curves.
3. The consumer will choose the combination of goods that puts them on the highest possible indifference curve that is also on or below their budget constraint, which is their optimal choice.
Indifference Curves - Income and Substitution Effects for a Normal Good
A change in the price of a product (other factors remaining constant) creates an income effect and a substitution effect!
measuring nation's income
The document discusses gross domestic product (GDP) as a key measure of economic activity. It defines GDP as the total market value of all final goods and services produced within an economy in a given period. GDP equals the sum of consumption, investment, government spending, and net exports. While GDP is an important indicator of economic well-being, it does not capture all factors like leisure time, environmental quality, and non-market activities. The document also distinguishes nominal GDP based on current prices versus real GDP using constant prices adjusted for inflation.
14 firms competitive
In a perfectly competitive market:
- Many buyers and sellers exist
- Firms are price takers and the actions of any single firm do not impact the market price
- In the long run, firms will enter or exit the market until price equals minimum average total cost and economic profit is zero.
AS Macro Revision: Macro Objectives and Conflicts
This document discusses possible conflicts that can arise between different macroeconomic objectives:
1. It is rare for a country to achieve full employment, price stability, economic growth, and a balanced external account simultaneously, as pursuing one objective can undermine others.
2. For example, policies to reduce unemployment can cause inflationary pressures if they stimulate demand too much when the economy is near capacity.
3. Rapid economic growth risks inflation and worsening the trade balance if domestic demand grows faster than supply.
4. The document examines these trade-offs and provides UK economic data to illustrate instances of conflicting macroeconomic objectives.
The Influence of Monetary and Fiscal Policy on Aggregate Demand
1. The document discusses how monetary and fiscal policy can influence aggregate demand in the short run through three main transmission mechanisms: interest rates, wealth effects, and exchange rates (for monetary policy) and changes in government spending and taxes (for fiscal policy).
2. It explains Keynes' theory of liquidity preference which holds that the interest rate adjusts to balance the supply and demand for money in the money market. Monetary policy shifts the money supply curve and thereby affects interest rates and aggregate demand.
3. Fiscal policy, like changes in government purchases, can shift aggregate demand directly but its multiplier effect on output may be partly offset by higher interest rates crowding out private investment.
Money Growth and Inflation in Macro Economics
The document discusses the classical theory of inflation. It defines inflation as a rise in the overall price level and explains that according to the quantity theory of money, inflation is primarily caused by growth in the money supply. When the money supply increases, it causes the price level to rise proportionately unless output or velocity rises as well. The document also outlines some costs of inflation like shoe leather costs and tax distortions.
Chapter 13
This document discusses the costs of production for firms. It defines different types of costs including fixed costs, variable costs, total costs, average costs and marginal costs. It explains how costs are related to a firm's production function and how cost curves like total cost curves, average cost curves and marginal cost curves are shaped. It also distinguishes between costs in the short run versus long run.
Monopolistic Competition
Please download the file and view the presentation.
Notes for each of the slides are present in the notes section
(Images used for representational purposes only)
20100325 mankiw economics chapter5
This document discusses the concept of elasticity and its applications. It defines key terms like price elasticity of demand, price elasticity of supply, and total revenue. It examines how total revenue is affected by elasticity and provides examples to illustrate applications, including how good harvests can hurt farmers, why OPEC struggled to keep oil prices high, and how drug interdiction may increase short-run crime but decrease it long-run. The key points are that elasticity determines how quantities respond to price changes, and it is important for understanding how policies impact markets and different groups within them.
Indirect Taxes & Subsidies
This document discusses indirect taxes and subsidies. It provides details on different types of indirect taxes, including VAT, fuel duties, and tobacco duties levied in the UK. It explains how indirect taxes increase producer costs and are passed onto consumers in the form of higher prices. The document also examines how the burden of an indirect tax is distributed between consumers and suppliers, depending on the price elasticity of demand. Finally, it discusses government subsidies to producers and consumers and some examples used in different markets.
MACROECONOMICS-CH1
This chapter introduces macroeconomics and the issues studied in the field. It discusses important macroeconomic concepts like GDP, unemployment, inflation, and recessions. The chapter explains that economists use different models to study different macroeconomic questions in both the short-run when prices are sticky and long-run when prices are flexible. It provides an example model of supply and demand for cars and how the model can be used to analyze the effects of changes in income and costs.
cost of production / Chapter 6(pindyck)
topics covered
•Production and firm
•The production function
•Short run versus Long run
•Production with one variable input(Labour)
•Average product
•Marginal product
•The slopes of the production curve
•Law of diminishing marginal returns
•Production with two variable inputs
•Isoquant
•Isoquant Maps
•Diminishing marginal returns
•Substitution among inputs
•Returns to scale
•Describing returns to scale
3.4 Demand And Supply Side Policies
The document discusses various macroeconomic concepts related to fiscal and monetary policy such as:
- Supply side policies can shift the LRAS curve to increase potential output without raising inflation.
- Fiscal policy tools like government spending, taxation, and transfers can be used for demand management.
- Monetary policy tools like interest rates can influence money supply and demand to impact output and inflation.
- Crowding out refers to how increased government spending and borrowing can reduce private investment by raising interest rates.
measuring cost of living
The document discusses how the Consumer Price Index (CPI) is used to measure inflation and changes in the cost of living over time. The CPI tracks the prices of goods and services in a fixed market basket over years. While the CPI provides useful information, it imperfectly measures the cost of living due to substitution bias, new products, and unmeasured quality changes tending to overstate inflation. Alternative measures such as the GDP deflator are also discussed.
Economics Enrichment Activities
The document outlines ways to challenge and enrich ambitious economics students. It recommends encouraging students to think counter-intuitively, write in more depth, and explore the work of interesting economists. Suggested activities include student reading groups, an online magazine, investor challenges, economics societies, entrepreneurship competitions, external essay competitions, and external enrichment lectures and summer schools. The goal is for students to be ambitious, questioning, develop context awareness, and build a portfolio of economics and finance experiences.
Trade Unions - Revision Evaluation
In this revision presentation we look at recent trends in UK trade union membership, consider how trade unions can affect both pay and employment and challenge the textbook view that union-negotiated pay increases inevitably have negative consequences for employment.
More Related Content
What's hot
Chapter 24 measuring the cost of living
measuring the cost of living
Consumer Price Index
How the CPI Is Calculated
Problems with the CPI
Contrasting the CPI and GDP Deflator
Correcting Variables for Inflation:
Tru earth
TruEarth Healthy Foods is considering launching a new line of whole grain pizzas. The document analyzes market research data to determine the potential sales volume of the new product line. It considers customer penetration rates, repeat purchase rates, and sales at different price points. Based on the analysis, the document recommends TruEarth launch the product line, estimating sales of $12.16 million assuming an 11% customer penetration rate and the ability to price between $11.38 to $12.38. Key learnings highlighted are understanding market research assumptions, analyzing data to decide on new products, and recognizing limitations of decisions based on available data.
Shut down price
The document discusses shut down price and normal profit price for a firm operating in a perfectly competitive market. It shows these prices on a diagram with marginal cost, average cost and average variable cost curves. The shut down price is where price equals minimum average variable cost, as below this price the firm would face losses by continuing operations. The normal profit price is where price equals average cost, allowing the firm to cover total costs and earn normal profits in the short run. The shut down price is a short run concept that determines whether a firm should continue or cease production temporarily.
Application: The Costs of Taxation
The document discusses the costs of taxation. It explains that taxes reduce economic efficiency by creating a wedge between the price paid by buyers and received by sellers. This leads to a reduction in quantity traded from the efficient level. The difference between the total benefits and costs without the tax, compared to with the tax, is called the deadweight loss. The size of the deadweight loss depends on how responsive supply and demand are to price changes - the more responsive they are, the greater the efficiency reduction from the tax. While tax revenue increases with moderate tax rates, very high taxes can reduce market size and quantity traded so much that they ultimately lower tax revenues too.
Firms in Competitive Markets
A competitive market has many small firms that produce identical goods, with free entry and exit. Each firm is a price taker and maximizes profits by producing where marginal revenue equals marginal cost. The competitive firm's supply curve is its marginal cost curve above average variable cost in the short run and above average total cost in the long run. Market supply is the sum of individual firm supplies. In the long run, entry and exit drive the market to equilibrium with price equal to minimum average total cost and zero profits.
The Theory of Consumer Choice
1. The document discusses the theory of consumer choice and how it relates to budget constraints, preferences, and optimization.
2. It explains that a consumer's budget constraint depicts the combinations of goods they can afford based on their income and prices, while their preferences are represented by indifference curves.
3. The consumer will choose the combination of goods that puts them on the highest possible indifference curve that is also on or below their budget constraint, which is their optimal choice.
Indifference Curves - Income and Substitution Effects for a Normal Good
A change in the price of a product (other factors remaining constant) creates an income effect and a substitution effect!
measuring nation's income
The document discusses gross domestic product (GDP) as a key measure of economic activity. It defines GDP as the total market value of all final goods and services produced within an economy in a given period. GDP equals the sum of consumption, investment, government spending, and net exports. While GDP is an important indicator of economic well-being, it does not capture all factors like leisure time, environmental quality, and non-market activities. The document also distinguishes nominal GDP based on current prices versus real GDP using constant prices adjusted for inflation.
14 firms competitive
In a perfectly competitive market:
- Many buyers and sellers exist
- Firms are price takers and the actions of any single firm do not impact the market price
- In the long run, firms will enter or exit the market until price equals minimum average total cost and economic profit is zero.
AS Macro Revision: Macro Objectives and Conflicts
This document discusses possible conflicts that can arise between different macroeconomic objectives:
1. It is rare for a country to achieve full employment, price stability, economic growth, and a balanced external account simultaneously, as pursuing one objective can undermine others.
2. For example, policies to reduce unemployment can cause inflationary pressures if they stimulate demand too much when the economy is near capacity.
3. Rapid economic growth risks inflation and worsening the trade balance if domestic demand grows faster than supply.
4. The document examines these trade-offs and provides UK economic data to illustrate instances of conflicting macroeconomic objectives.
The Influence of Monetary and Fiscal Policy on Aggregate Demand
1. The document discusses how monetary and fiscal policy can influence aggregate demand in the short run through three main transmission mechanisms: interest rates, wealth effects, and exchange rates (for monetary policy) and changes in government spending and taxes (for fiscal policy).
2. It explains Keynes' theory of liquidity preference which holds that the interest rate adjusts to balance the supply and demand for money in the money market. Monetary policy shifts the money supply curve and thereby affects interest rates and aggregate demand.
3. Fiscal policy, like changes in government purchases, can shift aggregate demand directly but its multiplier effect on output may be partly offset by higher interest rates crowding out private investment.
Money Growth and Inflation in Macro Economics
The document discusses the classical theory of inflation. It defines inflation as a rise in the overall price level and explains that according to the quantity theory of money, inflation is primarily caused by growth in the money supply. When the money supply increases, it causes the price level to rise proportionately unless output or velocity rises as well. The document also outlines some costs of inflation like shoe leather costs and tax distortions.
Chapter 13
This document discusses the costs of production for firms. It defines different types of costs including fixed costs, variable costs, total costs, average costs and marginal costs. It explains how costs are related to a firm's production function and how cost curves like total cost curves, average cost curves and marginal cost curves are shaped. It also distinguishes between costs in the short run versus long run.
Monopolistic Competition
Please download the file and view the presentation.
Notes for each of the slides are present in the notes section
(Images used for representational purposes only)
20100325 mankiw economics chapter5
This document discusses the concept of elasticity and its applications. It defines key terms like price elasticity of demand, price elasticity of supply, and total revenue. It examines how total revenue is affected by elasticity and provides examples to illustrate applications, including how good harvests can hurt farmers, why OPEC struggled to keep oil prices high, and how drug interdiction may increase short-run crime but decrease it long-run. The key points are that elasticity determines how quantities respond to price changes, and it is important for understanding how policies impact markets and different groups within them.
Indirect Taxes & Subsidies
This document discusses indirect taxes and subsidies. It provides details on different types of indirect taxes, including VAT, fuel duties, and tobacco duties levied in the UK. It explains how indirect taxes increase producer costs and are passed onto consumers in the form of higher prices. The document also examines how the burden of an indirect tax is distributed between consumers and suppliers, depending on the price elasticity of demand. Finally, it discusses government subsidies to producers and consumers and some examples used in different markets.
MACROECONOMICS-CH1
This chapter introduces macroeconomics and the issues studied in the field. It discusses important macroeconomic concepts like GDP, unemployment, inflation, and recessions. The chapter explains that economists use different models to study different macroeconomic questions in both the short-run when prices are sticky and long-run when prices are flexible. It provides an example model of supply and demand for cars and how the model can be used to analyze the effects of changes in income and costs.
cost of production / Chapter 6(pindyck)
topics covered
•Production and firm
•The production function
•Short run versus Long run
•Production with one variable input(Labour)
•Average product
•Marginal product
•The slopes of the production curve
•Law of diminishing marginal returns
•Production with two variable inputs
•Isoquant
•Isoquant Maps
•Diminishing marginal returns
•Substitution among inputs
•Returns to scale
•Describing returns to scale
3.4 Demand And Supply Side Policies
The document discusses various macroeconomic concepts related to fiscal and monetary policy such as:
- Supply side policies can shift the LRAS curve to increase potential output without raising inflation.
- Fiscal policy tools like government spending, taxation, and transfers can be used for demand management.
- Monetary policy tools like interest rates can influence money supply and demand to impact output and inflation.
- Crowding out refers to how increased government spending and borrowing can reduce private investment by raising interest rates.
measuring cost of living
The document discusses how the Consumer Price Index (CPI) is used to measure inflation and changes in the cost of living over time. The CPI tracks the prices of goods and services in a fixed market basket over years. While the CPI provides useful information, it imperfectly measures the cost of living due to substitution bias, new products, and unmeasured quality changes tending to overstate inflation. Alternative measures such as the GDP deflator are also discussed.
What's hot (20)
Indifference Curves - Income and Substitution Effects for a Normal Good
Indifference Curves - Income and Substitution Effects for a Normal Good
The Influence of Monetary and Fiscal Policy on Aggregate Demand
The Influence of Monetary and Fiscal Policy on Aggregate Demand
More from tutor2u
Economics Enrichment Activities
The document outlines ways to challenge and enrich ambitious economics students. It recommends encouraging students to think counter-intuitively, write in more depth, and explore the work of interesting economists. Suggested activities include student reading groups, an online magazine, investor challenges, economics societies, entrepreneurship competitions, external essay competitions, and external enrichment lectures and summer schools. The goal is for students to be ambitious, questioning, develop context awareness, and build a portfolio of economics and finance experiences.
Trade Unions - Revision Evaluation
In this revision presentation we look at recent trends in UK trade union membership, consider how trade unions can affect both pay and employment and challenge the textbook view that union-negotiated pay increases inevitably have negative consequences for employment.
Revision on Economics of Public Goods
In this revision presentation we cover key examples of pure and quasi public goods and consider the arguments for and against an increase in government spending on public goods.
Poverty Reduction Policies in Low Income Countries
This revision presentation covers some of the main causes of continued high levels of extreme poverty in low and middle income countries and considers a range of pro-poor government interventions designed to increase productivity and regular employment and waged income in formal labour markets.
20 Key Facts on the UK Economy in 2019
You don’t need to produce a lot of evidence in your macroeconomics exams but knowing some basic and key facts and figures can make your answers stand out from the crowd! Here is a quickfire journey through twenty important economic numbers that won’t change before the exam – use them to support your answer and impress the examiner!
Quantitative easing advantages_disadvantages
Quantitative easing (QE) involves central banks creating new money to buy financial assets, lowering interest rates and increasing the money supply. The Bank of England has purchased £445 billion in assets through QE as of 2019.
Advantages of QE include giving central banks an additional monetary policy tool beyond interest rates, helping to prevent deflation, boosting business confidence and exports. Disadvantages include potentially worsening wealth inequality, risking inflation, distorting capital allocation, and reducing pension incomes. The impact of QE on the real economy has uncertain time lags and effectiveness.
Monetary union
This document discusses the advantages and disadvantages of countries joining the eurozone and adopting the euro as their single currency. The key advantages include eliminating currency conversion costs to boost trade, attracting more investment, increasing price transparency for consumers, and providing a more stable currency. However, joining also means losing independent monetary policy tools and interest rates being set by the ECB for the entire bloc rather than individual countries. Sharing a currency also means the risks of economic downturns in trading partners are increased. Recent data on unemployment, inflation, debt levels, and Germany's economic slowdown are also presented.
UK Economy Update_2019
This April 2019 presentation looks at the current performance of the UK economy using a range of key indicators.
Supply-Side Policies (2019 Examples Update)
Supply-side policies aim to increase potential economic growth through microeconomic reforms that improve market efficiency. Examples discussed include privatizing industries like Royal Mail; reducing business regulations; lowering taxes on individuals and corporations; welfare reforms to incentivize work; education reforms; increasing wages; changing migration policies; investing in infrastructure for transport, energy, and housing; and establishing regional enterprise zones with tax breaks.
Applied Macro Examples for Economics Exams
This new video looks at loads of up to date examples on key macroeconomic indicators for different countries ahead of the 2019 summer economics exams.
Microeconomics - Great Applied Examples for Exams
In this presentation, I have chosen loads of current examples that you might want to use as context in your microeconomics exams. We look at examples from different market structures, recent mergers and takeovers, the world's most valuable companies, the largest employer, unicorn business, de-mergers, the biggest initial public offerings (IPOs) and much else. Hopefully a useful video to go through to add some super examples into your revision notes.
Business Objectives and Stakeholders
This revision presentation considers the variety of stakeholders impacted by business activity. How will a change in objectives, such as a move from profit maximisation to revenue maximisation have an effect on different stakeholders?
Profit Satisficing
This revision presentation looks at profit satisficing as an alternative objective for businesses. Why might firms satisfice? What are some of the possible consequences for economic welfare and efficiency?
Why Businesses Grow
This short video looks at some of the key motivations for business growth and focuses on the rapid expansion of Uber.
Sizes and Types of Firms
There are different types and sizes of firms in the UK economy. Types include public limited companies, privately-owned firms, start-ups, state-owned businesses, social enterprises, co-operatives, and partnerships. In terms of size, micro businesses have 0-9 employees, small to medium sized businesses (SMEs) have 10-250 employees, and large businesses employ over 250 people. The document also discusses business births and deaths in the UK economy.
The UK Productivity Gap
In this short revision video, we look at the substantial productivity gap between the UK and many of the UK’s major competitor countries.
Paul Krugman, the Nobel Prize-winning economist said twenty fives years ago that “Productivity isn’t everything, but in the long run it is almost everything,”
Trade Unions with a Monopsony Employer
In this presentation we consider the theory of wage-setting with a monopsony employer and the possible impact that a trade union might have on wages and employment. We also look at efficiency wage theory and mutual gains from pay bargaining between stakeholders.
Labour Market Failure (2019 Update)
This document discusses various types of labour market failures including skills gaps, geographical immobility, economic inactivity, inequality, discrimination, and monopsony power. It provides examples and analysis of each failure using diagrams. Potential policy remedies are outlined for each failure, such as increasing apprenticeships, improving housing affordability, raising the minimum wage, and enhancing workers' rights. The impact of minimum wages on monopsony employers is analyzed using a diagram showing how a minimum wage can increase employment levels and wages by counteracting monopsony power.
Behavioural Economics Update 2019
This document discusses behavioral economics concepts and policy interventions. It summarizes key concepts like loss aversion, default choices, and herd behavior. It then examines several policies using behavioral insights, including the UK sugar levy, auto-enrollment pensions, and presumed consent for organ donation. It evaluates whether nudges can significantly impact behaviors at scale and addresses potential unintended consequences and limitations of behavioral policies.
Consumer surplus and price changes
Here is a sample answer to this question "Evaluate the impact of changes in price on consumer surplus".
More from tutor2u (20)
Poverty Reduction Policies in Low Income Countries
Poverty Reduction Policies in Low Income Countries
Recently uploaded
Calculation of compliance cost: Veterinary and sanitary control of aquatic bi...
Calculation of compliance cost in the fishing industry of Russia after extended SCM model (Veterinary and sanitary control of aquatic biological resources (ABR) - Preparation of documents, passing expertise)
Monthly Market Risk Update: June 2024 [SlideShare]
Markets rallied in May, with all three major U.S. equity indices up for the month, said Sam Millette, director of fixed income, in his latest Market Risk Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
Dr. Alyce Su Cover Story - China's Investment Leader
In World Expo 2010 Shanghai – the most visited Expo in the World History
https://www.britannica.com/event/Expo-Shanghai-2010
China’s official organizer of the Expo, CCPIT (China Council for the Promotion of International Trade https://en.ccpit.org/) has chosen Dr. Alyce Su as the Cover Person with Cover Story, in the Expo’s official magazine distributed throughout the Expo, showcasing China’s New Generation of Leaders to the World.
Poonawalla Fincorp’s Strategy to Achieve Industry-Leading NPA Metrics
Poonawalla Fincorp Limited, under the leadership of Managing Director Abhay Bhutada, has achieved industry-leading Gross Non-Performing Assets (GNPA) below 1% and Net Non-Performing Assets (NNPA) below 0.5% as of May 31, 2024. This success is attributed to a strategic vision focusing on prudent credit policies, robust risk management, and digital transformation. Bhutada's leadership has driven the company to exceed its targets ahead of schedule, emphasizing rigorous credit assessment, advanced risk management, and enhanced collection efficiency. By prioritizing customer-centric solutions, leveraging digital innovation, and maintaining strong financial performance, Poonawalla Fincorp sets new benchmarks in the industry. With a continued focus on asset quality, digital enhancement, and exploring growth opportunities, the company is well-positioned for sustained success in the future.
Tdasx: Interpreting the 2024 Cryptocurrency Market Funding Trends and Technol...
Tdasx: Interpreting the 2024 Cryptocurrency Market Funding Trends and Technological Developments
Budgeting as a Control Tool in Govt Accounting in Nigeria Prof Oyedokun.pptx
Budgeting as a Control Tool in Govt Accounting in Nigeria Prof Oyedokun.pptxGodwin Emmanuel Oyedokun MBA MSc PhD FCA FCTI FCNA CFE FFAR
Budgeting as a Control Tool in Government Accounting in Nigeria
Being a Paper Presented at the Nigerian Maritime Administration and Safety Agency (NIMASA) Budget Office Staff at Sojourner Hotel, GRA, Ikeja Lagos on Saturday 8th June, 2024.
Enhanced metrics to measure the Regulatory impact
A proposal to enhance metric used when calculating business compliance costs
Accounting Information Systems (AIS).pptx
An accounting information system (AIS) refers to tools and systems designed for the collection and display of accounting information so accountants and executives can make informed decisions.
Seeman_Fiintouch_LLP_Newsletter_Jun_2024.pdf
The Impact of the 2024 Indian
Election Beyond Borders
01. Investment Gyan
02. Market Update
03. Inspiration investment story
China's Investment Leader - Dr. Alyce SU
In World Expo 2010 Shanghai – the most visited Expo in the World History
https://www.britannica.com/event/Expo-Shanghai-2010
China’s official organizer of the Expo, CCPIT (China Council for the Promotion of International Trade https://en.ccpit.org/) has chosen Dr. Alyce Su as the Cover Person with Cover Story, in the Expo’s official magazine distributed throughout the Expo, showcasing China’s New Generation of Leaders to the World.
欧洲杯投注-欧洲杯投注买球-欧洲杯投注买球网|【网址🎉ac22.net🎉】
【网址🎉ac22.net🎉】欧洲杯投注 Sports 与其他博彩公司相比，其独特之处在于欧洲杯投注 Sports 基于低利润和高营业额的独一无二的体育博彩模式，该模式可以为玩家开出最高的赔率。欧洲杯投注的优势在于中文界面友好，接受人民币投注。他们的开户奖金和实时体育投注界面是大陆玩家的首选。
真实可查(nwu毕业证书)美国西北大学毕业证学位证书范本原版一模一样
原版定制【微信:bwp0011】《(nwu毕业证书)美国西北大学毕业证学位证书》【微信:bwp0011】成绩单 、雅思、外壳、留信学历认证永久存档查询，采用学校原版纸张、特殊工艺完全按照原版一比一制作（包括：隐形水印，阴影底纹，钢印LOGO烫金烫银，LOGO烫金烫银复合重叠，文字图案浮雕，激光镭射，紫外荧光，温感，复印防伪）行业标杆！精益求精，诚心合作，真诚制作！多年品质 ,按需精细制作，24小时接单,全套进口原装设备，十五年致力于帮助留学生解决难题，业务范围有加拿大、英国、澳洲、韩国、美国、新加坡，新西兰等学历材料，包您满意。
【业务选择办理准则】
一、工作未确定，回国需先给父母、亲戚朋友看下文凭的情况，办理一份就读学校的毕业证【微信bwp0011】文凭即可
二、回国进私企、外企、自己做生意的情况，这些单位是不查询毕业证真伪的，而且国内没有渠道去查询国外文凭的真假，也不需要提供真实教育部认证。鉴于此，办理一份毕业证【微信bwp0011】即可
三、进国企，银行，事业单位，考公务员等等，这些单位是必需要提供真实教育部认证的，办理教育部认证所需资料众多且烦琐，所有材料您都必须提供原件，我们凭借丰富的经验，快捷的绿色通道帮您快速整合材料，让您少走弯路。
留信网认证的作用:
1:该专业认证可证明留学生真实身份
2:同时对留学生所学专业登记给予评定
3:国家专业人才认证中心颁发入库证书
4:这个认证书并且可以归档倒地方
5:凡事获得留信网入网的信息将会逐步更新到个人身份内，将在公安局网内查询个人身份证信息后，同步读取人才网入库信息
6:个人职称评审加20分
7:个人信誉贷款加10分
8:在国家人才网主办的国家网络招聘大会中纳入资料，供国家高端企业选择人才
【关于价格问题（保证一手价格）】
我们所定的价格是非常合理的，而且我们现在做得单子大多数都是代理和回头客户介绍的所以一般现在有新的单子 我给客户的都是第一手的代理价格，因为我想坦诚对待大家 不想跟大家在价格方面浪费时间
对于老客户或者被老客户介绍过来的朋友，我们都会适当给一些优惠。
Navigating Your Financial Future: Comprehensive Planning with Mike Baumann
Learn how financial planner Mike Baumann helps individuals and families articulate their financial aspirations and develop tailored plans. This presentation delves into budgeting, investment strategies, retirement planning, tax optimization, and the importance of ongoing plan adjustments.
Call Girls Chennai 8824825030 Independent Call Girl Service Chennai
Call Girls Chennai 8824825030 Independent Call Girl Service Chennai
1比1复刻(ksu毕业证书)美国堪萨斯州立大学毕业证本科文凭证书原版一模一样
原版定制【微信:bwp0011】《(ksu毕业证书)美国堪萨斯州立大学毕业证本科文凭证书》【微信:bwp0011】成绩单 、雅思、外壳、留信学历认证永久存档查询，采用学校原版纸张、特殊工艺完全按照原版一比一制作（包括：隐形水印，阴影底纹，钢印LOGO烫金烫银，LOGO烫金烫银复合重叠，文字图案浮雕，激光镭射，紫外荧光，温感，复印防伪）行业标杆！精益求精，诚心合作，真诚制作！多年品质 ,按需精细制作，24小时接单,全套进口原装设备，十五年致力于帮助留学生解决难题，业务范围有加拿大、英国、澳洲、韩国、美国、新加坡，新西兰等学历材料，包您满意。
【业务选择办理准则】
一、工作未确定，回国需先给父母、亲戚朋友看下文凭的情况，办理一份就读学校的毕业证【微信bwp0011】文凭即可
二、回国进私企、外企、自己做生意的情况，这些单位是不查询毕业证真伪的，而且国内没有渠道去查询国外文凭的真假，也不需要提供真实教育部认证。鉴于此，办理一份毕业证【微信bwp0011】即可
三、进国企，银行，事业单位，考公务员等等，这些单位是必需要提供真实教育部认证的，办理教育部认证所需资料众多且烦琐，所有材料您都必须提供原件，我们凭借丰富的经验，快捷的绿色通道帮您快速整合材料，让您少走弯路。
留信网认证的作用:
1:该专业认证可证明留学生真实身份
2:同时对留学生所学专业登记给予评定
3:国家专业人才认证中心颁发入库证书
4:这个认证书并且可以归档倒地方
5:凡事获得留信网入网的信息将会逐步更新到个人身份内，将在公安局网内查询个人身份证信息后，同步读取人才网入库信息
6:个人职称评审加20分
7:个人信誉贷款加10分
8:在国家人才网主办的国家网络招聘大会中纳入资料，供国家高端企业选择人才
【关于价格问题（保证一手价格）】
我们所定的价格是非常合理的，而且我们现在做得单子大多数都是代理和回头客户介绍的所以一般现在有新的单子 我给客户的都是第一手的代理价格，因为我想坦诚对待大家 不想跟大家在价格方面浪费时间
对于老客户或者被老客户介绍过来的朋友，我们都会适当给一些优惠。
Recently uploaded (20)
Calculation of compliance cost: Veterinary and sanitary control of aquatic bi...
Calculation of compliance cost: Veterinary and sanitary control of aquatic bi...
Monthly Market Risk Update: June 2024 [SlideShare]
Monthly Market Risk Update: June 2024 [SlideShare]
Dr. Alyce Su Cover Story - China's Investment Leader
Dr. Alyce Su Cover Story - China's Investment Leader
Poonawalla Fincorp’s Strategy to Achieve Industry-Leading NPA Metrics
Poonawalla Fincorp’s Strategy to Achieve Industry-Leading NPA Metrics
Tdasx: Interpreting the 2024 Cryptocurrency Market Funding Trends and Technol...
Tdasx: Interpreting the 2024 Cryptocurrency Market Funding Trends and Technol...
Budgeting as a Control Tool in Govt Accounting in Nigeria Prof Oyedokun.pptx
Budgeting as a Control Tool in Govt Accounting in Nigeria Prof Oyedokun.pptx
Navigating Your Financial Future: Comprehensive Planning with Mike Baumann
Navigating Your Financial Future: Comprehensive Planning with Mike Baumann
Call Girls Chennai 8824825030 Independent Call Girl Service Chennai
Call Girls Chennai 8824825030 Independent Call Girl Service Chennai
Indifference Curves - Normal Goods
- 3. A rise in real income Assuming both products are normal goods Chocolates Cheese IC1 A C BL1
- 4. A rise in real income Assuming both products are normal goods Chocolates Cheese IC1 A C BL1 BL2
- 5. A rise in real income Assuming both products are normal goods Chocolates Cheese IC1 IC2 A C BL1 BL2
- 6. A rise in real income Assuming both products are normal goods Chocolates Cheese IC1 IC2 A C BL1 BL2
- 7. A rise in real income Assuming both products are normal goods Chocolates Cheese IC1 IC2 A B C D BL1 BL2
- 8. A rise in real income Assuming both products are normal goods Chocolates Cheese Price of cheese Quantity demanded D1 P1 D1 D2 IC1 IC2 A B C D D2 BL1 BL2