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Posts By: peter
Article: Minimum Wages in the US 2015
source Recently, minimum-wage increases to $15 an hour have been approved for workers in Seattle, hotel workers in Los Angeles, and…
Read MoreHandout: Long Run Economies and Diseconomies of Scale
Long-Run Production In the short run we analyse marginal and average product which exhibits the law of diminishing marginal returns. But…
Read MoreHandout: Profit-Maximising Output
Profit Maximization Source The Concept of Profit Maximisation Profit is defined as total revenue minus total cost. Π = TR –…
Read MoreEconomic Cost and Normal Profit
Economic Costs and Normal Profit A firm’s “accounting costs” are all the financial costs it incurs to produce a level of…
Read MoreSummary: UK Growth in 2015
Economic Survey of the United Kingdom 2015 The OECD confirms what we have stated as one of our ten eternal Macroeconomic…
Read MoreFiscal Targets 2015
source OBS July 2015 Performance against the Government’s fiscal targets 1.37 The Charter for Budget Responsibility requires the OBR to judge…
Read MoreStart here: Economic Growth
There are three measures of economic growth: an income, output and expenditure measure (see macro core concept 1). Here we concentrate…
Read MoreExtract: Output Gap in 2014-15
source The output gap is a measure of the difference between actual GDP and potential GDP. Consider the following figure. Potential…
Read MoreShould Railways be Renationalised?
Should railways be renationalised? The Labour Party wants it, the Conservatives disagree: Patrick McCloughlin, Conservative Minister, celebrated the twentieth anniversary of…
Read MoreDiagram: Forms of Oligopolistic Competition
Oligopoly market structure takes a number of different forms. There are collusive models, where participants actively agree to some form of…
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