Edexcel Unit 1 Economics

Competitive markets: how they work and why they fail


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.

  • Created by: Flo
  • Created on: 09-01-11 18:45
ZIP Archive 393.14 Kb




Thank you for sharing this! Amazing notes!!



Spot on, Cheers Flo x