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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

Contrast the price elasticity of supply for:

  1. A computer software producer

  2. A potato farmer

  3. A firm of solicitors

PES shows quickly a firm can respond to a change in market conditions. More specifically it shows how quickly firms respond to a change in price.

Question 2

The following shows 3 different car producer’s supply schedules (millions of cars):

Price £000 Firm X Firm Y Firm Z
10 5 15 20
12 7 16 20
14 9 17 20
16 11 18 20
18 13 19 20
20 15 20 20
22 17 21 20
24 19 22 20
26 21 23 20
28 23 24 20

1.    Using the correct equation, work out the PES value for all three firms for the price range £24,000 to £26,000.

2.    Draw all three supply curves, labelling them correctly.

3.    Which firm is the most competitive, and why?

4.    What could the ‘least competitive’ firm do to improve its competitiveness?


Alternative finance

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

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Costs and benefits of customs unions.

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Multiple choice papers for Paper Three.

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Article 50

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Savings ratio

Savings ratio

Savings ratio falls to lowest level on record.

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Tax avoidance

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US rates

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