Thanks! This was really helpful(Original post by Arjun24)
The answer is C. At original rent (P), the quantity is at Q. You can then see that when the rent is lowered, the supply curve is contracted. This is a fairly simple concept if you remove the fact that rent and accommodation are involved.
At higher prices, supply will be high (because of profit motive)
At lower prices, supply will be low (since firms will not be willing to produce and sell when they are not receiving what they think is worthwhile in return.
Does anyone have any AS Economics notes/tips? watch
- 09-04-2015 19:38
(Original post by Amelia_21)
- 09-04-2015 21:55
One tip I would say is time yourself really well, last year in unit 1, I ran out of time on the long answer q's, that affected my grade. I knew the stuff, just didn't have time to put it on paper.
1) Definitions (5 marks)
2) Data (8 marks)
-2 different points of comparison in 2 separate paragraphs
-For every figure you refer to in the answer, you need to include a supporting date i.e 75% in 2011, £65 in 2009 etc.
-Remember your units of measurement
3) Diagram (12 marks)
-2x written definitions with examples
-2 paragraphs of explanation for unit 2, 1 paragraph for unit 1.
- 10-04-2015 17:52