You are welcome to ask questions on Economics. However, due to volume of questions, I can no longer promise to answer all questions.
I will post the answer on this blog, for everyone to benefit from.
I shall try to answer the economics question and / or point to other resources but please bear in mind.
- The replies will be guidance and not for duplication. Your essays should be your own work.
- My speciality is economics for British A Level standard. My university economics is rusty in parts, because generally I don’t use it in teaching A level economics.
- I can’t guarantee to always give full answers it also depends on my time schedule.
- I will answer as a new post. Check home page of blog for new post. With question and answers
- Generally, I don’t answer questions, which involve mathematical calculations, they tend to be doing someone’s homework. however, I may give examples, of calculations, if I think it helps explain economics principles.
I studied PPE at Lady Margaret Hall college, Oxford University, and currently work as an Economics A Level teacher. I have also examined several different economic units for Edexcel AS and A2.
Related
- The first Readers Questions has had over 150 comments.
- Readers Questions II
- Readers Questions III
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When a buyer expierences consumer surplus, does the seller expierence a loss?
In terms of economics, why is it allowed to eat and drive rather than talking and driving without a bluetooth? What exonomics principle can I apply to this situation? Can anyone explain please?
i need help with thi question!
Discuss whether the reduction of unemployment should always be the main aim of
government policy.
thank you.
Hi Tejvan,
I’m currently writing a short research document on government change in the UK and what influence this might have on the economy.
My thinking is that although both the Labour and Conservative parties have certain policy wish lists, room for political change (possible tax cuts/spending) will be extremely limted due to the state of the economy and the size of public debt, so we shouldn’t expect much change whoever wins the next UK election.
However I was intrigued by something I read on the internet regarding Conservative plans to include housing costs in the Bank of England’s inflation target.
Do you have an opinion on this?
I have read some analysis that suggests this would keep help to keep interest rates low in the UK, but I’m not sure if I quite understand the theory behind this.
Any thoughts?
Cheers
Den Cartlidge
Ps – Some great recent updates by the way!
Hi, can you tell me how to calculate inflation?
I’m given:
Total market dollar sales growth +1
Total market tonnage sales growth +4
– both in the same year
How do I calculate the inflation or deflation for this market?
Thank you very much!
Jeff
I am stuck on this monster of a question I think I did part a right but I can’t figure out the rest can someone please help??? :(…
A steel industry trade group estimates that the demand for steel in a particular market is given as
Qs = 2,000 – 160Ps + 8I + 140Pa,
where Qs is the demand for steel (in pounds) per year, Ps is the price of steel in cents per pound, I is income per capita in dollars, and Pa is the price of aluminum in cents per pound. Currently the price of steel is 160¢ per pound, income per capita is $20,000, and the price of aluminum is 300¢ per pound.
a. How much steel will be demanded at the current prices and income?…
Ps=$1.60, I = $20,000, Pa= $3.00
Qs = 2,000 -160(1.60) + 8(20,000) + 140 (3.00)
= 2,000 – 256 + 160,000 + 420
= 162,164
b. What is the own price elasticity of demand for steel? Interpret the elasticity in a mathematic and economic context — what does this number tell you? Is the own price elasticity consistent with economic principles? Explain.
c. What is the income elasticity? Interpret the elasticity in a mathematic and economic context — what does this number tell you? Is the income elasticity consistent with economic principles? Explain.
d. What is the practical interpretation of your answers to b. and c. when looked at together? What kinds of conclusions can you make about the demand for steel?
e. If management’s objective is to maintain the quantity of steel demanded at current levels (as computed in a. above), what change in the price of steel would be necessary to compensate for a 10¢ decrease in the price of aluminum?