Revision Topics - Economics Help

Last minute exam preparation for Economics Paper 1

7 October 20268 May 2026 by Tejvan Pettinger

With first exams starting soon. Now is a good time to focus on key areas which can help Core diagrams needed Chains of analysis you need for standard questions. Reliable evaluation Points Micro Evaluation Elasticity Good evaluation compares and contrasts. So elasticity makes a perfect contrast. In diagram on left, demand is price elastic so …

How to Write Perfect Economic Essay

7 October 202618 April 2026 by Tejvan Pettinger

Answer the question. Firstly, be sure to understand what the question is asking. Timing Secondly be aware how long you need to spend e.g. 25 mark essay may be worth around 25 mins Essay plan. I would keep essay plan very brief. Main thing is Identify two best points which can answer the question. Basic …

Advantages and disadvantages of monopolies

7 October 20264 October 2024 by Tejvan Pettinger

What are the advantages and disadvantages of monopolies? Monopolies are firms who dominate the market. Either a pure monopoly with 100% market share or a firm with monopoly power (more than 25%) A monopoly tends to set higher prices than a competitive market leading to lower consumer surplus. However, on the other hand, monopolies can …

Benefits of Monopoly Power

7 October 202629 January 2020 by Tejvan Pettinger

Monopoly power occurs when a firm has a dominant position in the market. A pure monopoly is when one firm has 100% of the market share. A firm might be considered to have monopoly power with more than 25% market share. The main benefits of monopolies include Economies of scale – lower average costs and …

Monopoly diagram short run and long run

7 October 202624 July 2019 by Tejvan Pettinger

Readers Question: Explain with the help of diagrams the equilibrium of a firm having monopoly power in the market in the short-run and long-run? The diagram for a monopoly is generally considered to be the same in the short run as well as the long run. Profit maximisation occurs where MR=MC. Therefore the equilibrium is …

Anti Trust Policy and Monopoly

7 October 20269 January 2018 by Tejvan Pettinger

Antitrust policy refers to government intervention in markets dominated by monopolies and abuse of monopoly power. In the UK, antitrust policy is better known as simply competition policy, with the OFT and Competition and Markets authority investigating mergers and abuse of monopoly power. In the US, antitrust become important in the late nineteenth century, when …

How to work out output, price and profit from monopoly equations.

7 October 202618 December 2016 by Tejvan Pettinger

How to work out output, price and profit from monopoly equations.

Readers Question: A monopolist operates under a production technology which allows the production of any output level at a constant average cost of $5 per unit. This monopolist sells into two distinct markets the demand curves for which are: P1=55-Q1 (for market one) and Q2 = 70 – 2P2 (for market 2). If this monopolist operates so as to maximize total profit then calculate:

(i) Total output;
(ii) The quantity sold in each market;
(iii) The price charged in each market;
(iv) The monopolist’s total profit.

Monopoly Power in Banks

7 October 202619 June 2009 by Tejvan Pettinger

A key element of UK competition policy is that any merger which leads to the creation of a firm with more than 25% of market share will automatically get referred to the competition commission. The competition commission will then evaluate whether the merger is in the public interest. However, the due to exceptional circumstances, the …