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Home/ M2016 Economics SL Mr. Friedman/ Contents contributed and discussions participated by Maria A

Contents contributed and discussions participated by Maria A

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Limits on inshore dredging off Scotland's coast examined - 4 views

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    The stocks of prawns, lobsters, and crawfish are plummeting drastically due to the dredging and trawling in inshore waters. Actions have been taken to improve the marine life, and regulations are being imposed on the dredging. The limitations of inshore fishing addresses the problems of seafood scarcity and depleting the marine population.
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'Relentless' noise from Heathrow - 1 views

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    Heathrow's expansion in order to accommodate for more travelers has been met with growing concerns for the noise. People living near the airport have complained about the added noise. The third party negatively affected by the expansion are the locals and neighbours of the airport.
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Four states vote in support of minimum wage hikes - 2 views

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    The government is has expressed a desire for higher minimum wage. By creating a limit to how low the minimum wage is, the government is imposing a minimum price or a price floor. The increase in minimum wage translates into an increase in the minimum price or price floor.
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'Alcopop' tax fails to deter teen binge drinking, raises $4.5 billion in revenue - 0 views

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    The government had imposed an excise tax to discourage teens from purchasing and consuming alcopops. However, since the demand of the alcopops was not detered as much was intended, it shows that the alcopops are relatively inelastic.
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Rise in Self-Employed Job Demand - 0 views

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    The average household income is increasing which means that the demand for self-employed workers is on the rise. As the income rises, the consumers are more willing to hire self-employed workers such as lawyers or plumbers more often. This means that the labour of these personally-hired workers is a normal good because when the income rises, the demand rises as opposed to an inferior good.
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Vodafone raises UK call charges - 2 views

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    Vodafone users are now faced with a possible 10% increase in price to their monthly bill payments. This increase in price will affect the demand of the Vodafone negatively. Vodafone has anticipated this and is allowing its customers to leave contracts in search of cheaper phone contracts. The PED of Vodafone is greater than one (and therefore elastic) because the change in price created a drastic change in demand demonstrated by Vodafone's poor performance in the phone market.
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Price of Bananas Rockets by 16% - 0 views

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    The decreased production of bananas means there is an excess of demand for bananas. The shortage of bananas demonstrates how to correct and balance the market, the banana increases in price for the market to be in equilibrium. The excess of demand automatically forces the price to increase, demonstrated by the 16% increase, until the market is at equilibrium.
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With costly bananas, apples and grapes, orange becomes favourite fruit this season - 7 views

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    In India, bananas, apples, and grapes have been growing price. As the law of demand states, this would lower its demand. Oranges are growing in demand due to its low price. The changes in demand of fruits in India describe the relationship between demand and price.
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