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House price latest

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House prices up by 6.9%.

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Model agencies collude to fix rates

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Regulators find leading model agencies guilty of price fixing.

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Question 1

  1. Carefully explain why a typical demand curve slopes downwards.

  2. Distinguish between normal and inferior goods.

  3. What are the main underlying determinants of demand for the following:

    Holidays in Scotland

    A daily newspaper


Question 2

Using an example of your own, distinguish between shifts of demand and movements along a demand curve.

Question 3

The following is a demand schedule for cheeseburgers for an individual.

Plot the demand curve for cheeseburgers, with price on the Y-axis, and quantity demanded per week on the X-axis.

5.00 0
4.50 1
4.00 2
3.50 3
3.00 4
2.50 5
2.00 6
1.50 7
1.00 8
0.50 9

  1. Plot the demand curve for cheeseburgers, with price on the Y-axis, and quantity demanded per week on the X-axis.

  2. Assume the individual has a fixed budget of £24 per week to spend on burgers, and the current price of cheeseburgers and chicken burgers is £3.00, and that a consumer buys 4 of each type of burger. Now assume that the price of cheeseburgers falls to £2. Using the concept of the ‘income’ and ‘substitution’ effect, explain why the demand for cheeseburgers rises to 6.

  3. Assuming chicken and cheeseburgers are perfect substitutes, and income is fixed at £24, what is likely to happen to the demand for chicken burgers (to the nearest burger) if the price of cheeseburgers rises to £4.00?


Alternative finance

alternative finance

Report on the growth of alternative finance.

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GDP latest

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

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Customs unions

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Costs and benefits of customs unions.

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New materials

multiple choice

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

Savings ratio falls to lowest level on record.

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Tax avoidance

Double Irish - and a Dutch Sandwich more..

US rates

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

Bank of England - cuts interest rates to 0.25%..more.

OECD - reducing income inequality will boost growth..more