Edexcel Unit 1 Economics

Competitive markets: how they work and why they fail

-IMPORTANT-

A few mistakes I've noticed for anyone who wants to use the notes to correct:

In the section on demand, I've put in the wrong formula for XED. It should be:

XED = %Change Quantity demanded of good b / %Change good A

Also, in the section on government intervention/failure on specific tax it should say that a tax shifts the MPC curve upwards, not leftwards. Also, the diagram shown is of a specific tax, if it was of an ad valorem tax then MPC + Tax would be the same as the MSC curve on the diagram.