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Category Archives: Elasticity

One in six families sold their second car in 2011

This is according to Bridgestone, the tyre maker, who surveyed 2,000 UK families. This was principally due to the continued rise in fuel prices, but was also influenced by insurance costs and the general rise in the cost of living. The survey also found that many more families may be forced to take similar action this year, with over 90% … Continue reading

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Real household disposable income falls for the first time since 1981

Real household disposable incomes, which is income after tax has been taken out, and then adjusted for inflation, actually fell by 0.8% in 2010, according to the Office for National Statistics. This compares with a rise of 1.1% in 2009. This is the first fall for 30 years; the biggest fall since 1977; and only the sixth since records began … Continue reading

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Should there be minimum prices set on alcohol?

The House of Commons Health Committee has just called for minimum prices to be set on alcoholic drinks. They are concerned at the negative external costs which the use of alcohol generates, and suggest that a minimum price of 50p per unit of alcohol could save about 3000 lives a year. They estimate that the total cost of the misuse … Continue reading

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How firms price their products

I have just come across two interesting articles about pricing. The first one concerns the apple crop in New York State. It seems that New York’s apple orchards are being carpeted with red as unpicked apples drop to the ground. With the best of the crop off to market, growers say this year it’s cheaper to leave leftovers on the … Continue reading

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