CIMA Study Systems 2006: Economics for Business (CIMA Study by Steve Adams

By Steve Adams

The 2006 variation of CIMA's legitimate examine structures are released via Elsevier on behalf of CIMA. Key sections of the 2006 examine structures are back written via examiners so every one textual content absolutely displays what will be established within the examination. up to date to include legislative and syllabus adjustments, the 2006 learn platforms offer whole learn fabric for the might and November 2006 tests. the recent variation keeps the preferred loose-leaf layout and comprises: * perform questions all through * whole revision part * subject summaries * urged examining articles from quite a number journals * CBA type mock examination * The legitimate learn structures are the single research fabrics counseled by means of CIMA * Key sections written via examiners for the main actual, updated information in the direction of examination good fortune * entire built-in package deal incorporating syllabus suggestions, complete textual content, suggested articles, revision publications and huge query perform

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Extra info for CIMA Study Systems 2006: Economics for Business (CIMA Study System Series-Certificate Level)

Example text

This is termed a budget constraint. In addition, the prices which she pays are outside her control, being set by the sellers (although a monopsonist – a sole buyer of a product – may be able to influence the price). Third, the rationality assumption means that the consumer is expected to behave consistently, for example, if she prefers honey to jam today, she must have the same taste tomorrow. (a) Normal goods. Generally, when a consumer buys more of a good his total utility rises. However, each successive increase in utility is less than the previous one.

A minus ( À ) value. 9. A shift in demand occurs when the conditions of demand change, whereas an expansion of demand is the result of a fall in price. 2 Supply and market We looked at the cost of production in terms of the cost of resources, whereas now we consider the supply of goods onto a market by a firm and the operation of an industry. 1 The supply curve of a firm The supply curve of a firm shows what it will provide to the market at certain prices. This will be motivated by profit. Usually, it is assumed that suppliers are profit maximisers and produce where marginal cost equals marginal revenue.

A summary of price elasticity is given below: Description of curve’s elasticity Perfectly inelastic Relatively inelastic Unit elasticity Relatively elastic Perfectly elastic Coefficient value 0 (zero) Between 0 and 1 1 Between 1 and 1 1 (infinity) Actual examples — Tea, salt — cameras, air travel — The slope and position of the demand curve will determine the actual numerical value of the elasticity. Generally, if the demand curve is fairly steep, a large change in price will cause only a relatively small change in demand, indicating an inelastic demand curve.

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