search
chevron_backward

Economics WEC11/01 October 2023

chevron_forward
visibility 84
star 4
bookmark Save
share Share
Psat Paper Lesson
crop_free

omer uner

notifications follow
1. Government failure examples: unintended tax consequences increasing smuggling, market bubbles, inefficient resource allocation, external cost taxation effects. 2. Production possibilities shifts: natural disasters, unemployment rates, technological improvements, immigration impact on capital and consumer goods output. 3. Price elasticity of demand for car types: diesel (–0.99), petrol (–1.08), electric (–1.27); elasticity effects on total revenue and consumer responsiveness. 4. Market equilibrium vs social optimum quantity; welfare gain areas in externalities; marginal social benefit (MSB), marginal private benefit (MPB), marginal social cost (MSC), and marginal private cost (MPC) relationships. 5. Financial market behaviors: moral hazard in banking pre-2008 crisis, risk-taking incentives, government bailouts, free-rider problems. 6. Substitutes and complements in product markets: cross-price elasticity, example of PlayStation 5 and Xbox Series X game consoles relationship.
See More chevron_forward
files Unit 1update 6 months ago
close
Create Quiz
download Download keyboard_arrow_down
Economics (WEC) Subject directory
files All resources in one place

Related Past Papers

Related Tutorials

warning Crash report