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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.
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This is a past year question for A-level i.e. M/J/05 paper 1 Q.28
Question: The demand for US imports in Japan is price- inelastic.
Assuming the is no change in their dollar price, what would be the effect of a depreciation in the yen on the total value of US goods imported into Japan?
Answer from marking scheme:
increase of value measured in yen, decrease of value measured in $.
Can you explain how to get the answer please? And is value = price x quantity?
Higher prices always yield higher revenues. Do you agree or disagree? Why?
Which has more elastic demand: hamburger or beef?
Hi girl
Law of demand is very important and practically apply on markets.
It is not a law like law of gravity. Economics laws depend on human behavior . We can’t measure human behavior and it is very complex.
Law of demand is a general law . There are many assumptions for this law. No doubt you are all right, practically price is not purely determined by demand-supply. Kindly is very popular in these days. I do’t have numbers but I think Amazon sold many millions Kindles.
Fashion and habits also make affect on demand. Even a dress out fashion with lower rate can’t increase demand. There are many other things that play a key role in determine of price.
Hi girl
Marginal Propensities is really very important concept in economics. Not only in theory , it has a big role in modern economy. Although practically we can not measure marginal propensities numbers effectively. Marginal Propensity to consume is a practical activity of our daily life. We have marginal propensity to consume but it is really very difficulty to properly count it. What we do with marginal income depends on our marginal propensity to consume. We spend some part of marginal income and save remained.
Marginal propensity to save depends on human behavior to save from marginal income. In our daily life ratio of our saving change with change in marginal income. We behave different at different level of income.
Hi Elina
GDP is a measurement of economic growth. Decreasing GDP is a signal of recession. More unemployment , less income are results of decreased GDP. Income inequality does not depend on negative growth on GDP.