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A Level Economics:

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Sir, have you posted the tricks yet? I have been following the thread but maybe I missed it seeing as I am studying for Mechanics as well. Thank you for the scool website. I'll go through it tonight again. I don't have facebook either so if the tricks are there, I might miss on them. :(
 
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I have done 10 papers and I have an Average score of 24 marks. Should I review them or do I practice more?
 
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A refinery which processes oil into petrol (gas) is faced with the following conditions.

1 It is working at full capacity.
2 Its petrol storage tanks are full.
3 It has received delivery of a new fleet of petrol tankers to transport its petrol.
4 It requires six months to train new workers to qualify in safety procedures.

Which of the conditions will tend to make the supply of petrol relatively price inelastic?
A
1 and 2
B
1 and 4
C
2 and 3
D
3 and 4
i don't understand how to do it :/
could you please explain mister?
 
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A refinery which processes oil into petrol (gas) is faced with the following conditions.

1 It is working at full capacity.
2 Its petrol storage tanks are full.
3 It has received delivery of a new fleet of petrol tankers to transport its petrol.
4 It requires six months to train new workers to qualify in safety procedures.

Which of the conditions will tend to make the supply of petrol relatively price inelastic?
A
1 and 2
B
1 and 4
C
2 and 3
D
3 and 4
i don't understand how to do it :/
could you please explain mister?

I'll explain my method and hope it helps you :)

Price inelastic means it is not easy to change price. (you probably already know that)

1 = working at full capacity therefore no extra storage = price inelastic
2= there is stock = price elastic
3 = ease of transportation = price elastic
4= Longer time period = price inelastic.

The two which are price inelastic are 1 and 4. The answer should be B.
 
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Hope AS ECO P2 did go well. Share your experience and what are ur expectations regarding thershold.?
 
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if exchange rate increases by 10% but domestic price level reduces by 10%, what happens to real exchange rate?
 
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