Economics Tomorrow? Watch

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reviseeconomics
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Report Thread starter 13 years ago
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Tips for ya:
Refer to elasticity as often as you can
Whichever Unit exam you are taking you must refer to elasticity as often as you can, whenever the opportunity arises.

For example, the effect of a shift in a curve (D or S, or AD or AS) will always depend upon the elasticity of the other curve.

A rise in AD will only increase national output (income) is the short run AS curve is greater than zero! The greater the elasticity of AS the bigger the impact of a change in AD.

This rule also relates to changes in D and S in micro-economic questions. For example, an increase in the demand for computers will not lead to a price rise if the value of PES is infinite (the curve is horizontal.)

Refering to elasticity is an easy way to gain evaluative marks.
The Lorenz Curve for Unit 5
The Lorenz curve can be used in any question which involves a discussion of income inequality.

You can apply it to more questions than you think - try applying it to these:

Discuss the likely effect of a rise in the NMW.

Discuss the likely effect of in increase in labour market flexibility.

Analyse the likely effect of a decline in trade union power.

Analyse the likely effect of a reduction in the progressiveness of the UK tax system?

Evaluate the likely effect of a rise in the average age of the UK population.


Can you think of other questions in which you could use the Lorenz curve?
To get more tips and quicky panic notes go to Revise Economics
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