Quick Revision Quiz
Define Renationalisation
With a linear demand curve, the section with low price and high quantity (the seciton after the mid-point) will have _________ PED.
Draw the Average Product of Labour Curve (with Marginal Product of Labour as well for reference)
Increasing the availability of substitutes will make a product more __________.
What is meant by 'elasticity'?
Draw the Marginal Cost (MC) curve and identify where there are increasing and diminishing returns to the variable factor.
Draw a Tariff Diagram
Use the Interest Rate Effect to explain the relationship between Price Level and AD
Where (on a graph) will a firm Maximise Profit?
Explain in steps how inflation is calculated.