Definitions

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House price latest

House prices up by 6.9%.

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Model agencies collude to fix rates

Regulators find leading model agencies guilty of price fixing.

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Marginal revenue

Marginal revenue is the additional income generated from the sale of one more unit of a good or service. It can be calculated by comparing the total revenue generated from a given number of sales (e.g. 1000 units), and the total revenue generated from selling one extra unit (i.e. 1001 units).

Marginal revenue is significant in economic theory because a profit maximising firm will produce up to the point where marginal revenue (MR) equals marginal cost (MC).

Profit maximising image

A second rule, where MR=0, is used to establish the output where total revenue is maximised. Changes in marginal revenue give us the gradient of the total revenue curve.

Marginal revenue image

The relationship between the MR and average revenue (AR) curve is also significant – whenever the AR curve falls, the MR curve falls at twice the rate.


Alternative finance

Report on the growth of alternative finance.

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GDP latest

UK grows by 0.3% in 1st quarter of 2017.

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Customs unions

Costs and benefits of customs unions.

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New materials

Multiple choice papers for Paper Three.

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Brexit update

Article 50

What trading options are available to the UK?

Savings ratio

Savings ratio falls to lowest level on record.

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Tax avoidance

Double Irish - and a Dutch Sandwich more..

The OECD presents its final package for reform of international tax rules..more

OECD - reducing income inequality will boost growth..more