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Local Schools policy drives inequality in the UK

Tuesday, October 07, 2014

I love a story that really can resonate with students and get them 'irked'.  It struck me yesterday that reading about a recent Bristol University research paper that claims that school admission policies lead to greater inequality might strike a chord with some young people.

The study suggests that the common policy in the UK of prioritizing admission places in primary and secondary schools based upon how close a student lives to that school continues a cycle of inequality.  The argument is that, wealthier people are more able to afford to move to areas with higher performing schools and so are more inclined to do so.  People without that facility have less choice in where to send their children and may have to stick with local schools despite their relative poor performance.  So the cycle continues ..... poorer people receive a poorer quality education and are therefore less equipped to get the necessary qualifications to earn higher wages.

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10 Minute Crossword Activity to set either for AS or A2 students

Wednesday, September 24, 2014

Here's a couple of quick Crossword activities that you can set in class or as homework from the tutor2u team.  They are:

  1. AS Introductory Economics
  2. A2 Theory of the Firm

Both come with 15 questions and you can even download the answers if you think you might need some help!

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Edexcel A2 Economics: Worked Answers for May 2014

AVAILABLE TO PRE-ORDER NOW: ESTIMATED PUBLICATION DATE: EARLY DECEMBER 2014

Edexcel UNIT 3 & UNIT 4 Worked Answers is a new printed resource from the tutor2u Economics team which we expect to be available for dispatch from early December 2014.

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Short presentation on ‘Perfect Competition’

Tuesday, September 16, 2014

Here's a pleasant and short Powerpoint presentation on Perfect Competition that you may wish to include as part of any lesson on the subject.  The presentation shows how price, supply and average and marginal revenue shifts as more firms enter the market and the impact that has on profits.

Click here to download the resource 'Perfect Competition'

Look out for more diagram testing resources as part of our upcoming Wow Economics CPD events.  Regular blog contributor Virang Dal has created a Powerpoint resource called 'Diagram Dissection' that asks students to identify the 'body parts' of a series of 28 economic diagrams.

Welcome Back! A quick fire resource for your returning A2 students - ‘Whilst you were away’

Friday, September 05, 2014

Following a similar format to last week's AS 'World of Economics', this free resource available from the download link below is a rapid 10 minute starter for the first class with your returning A2 students.

Entitled 'Whilst you were away', the resource shows a montage of images.  Each image also has a question and all relate to news stories from around the world during the months of July and August 2014.  The montage remains on screen with a 3 minute timer fading away at the bottom of the screen - ask your students (individually or in small teams) to answer all 9 questions in the 3 minutes available.

Then go through the answers one at a time - there is an individual slide showing the answer to each question plus a supplementary question for each image to stimulate discussion about how the news stories impact on economics.  This is a Powerpoint resource so feel free to edit the questions as you see fit.

Click here to download the resource

Business Economics: Amazon buys Twitch

Wednesday, August 27, 2014

Here is some background on Amazon's all-cash purchase of live gaming site Twitch. Read through it and consider some of the likely business synergies from the acquisition. 

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BHP Billiton announces plans for a demerger

Tuesday, August 19, 2014

De-mergers often figure in EdExcel Unit 3 questions e.g. on the structured multiple choice - so this one from mining giant BHP Billiton is a good example to be aware of and to understand the key drivers behind the decision. BHP Billiton plan to sell (divest) non-core assets such as their aluminium, manganese and nickel mines.

As always - focusing on core competencies, streamlining operations to avoid diseconomies of scale lie at the heart of the de-merger process

BHP Billiton is hugely profitable! BHP achieved full-year profits last year of $US13.8bn helped by a 15th straight year of record iron ore production.

More here on the planned demerger from Reuters Business News

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Price Discrimination in the the EU Vehicle Hire Market

Tuesday, August 12, 2014

An almost perfect example of price discrimination is evident in this market revealed on the BBC online news site - read this section carefully!

"Charges vary for some motorists, even if they are picking up the same vehicle from the same location and from the same hire company."

Then read through the article to find clues as to how some vehicle hire businesses have been able to segment the market and discriminate between drivers from different countries inside the EU.

The regulators are onto the issue - expect some action unless vehicle hire businesses adjust their pricing tactics!

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Small businesses - a bakery in the desert

Wednesday, July 30, 2014

This video report from BBC Global Business looks at the success of a very small scale bakery located in an isolated mountain our region of Spain. 

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Reduction in UK consumption of drugs, alcohol and cigarettes by young people - numerical example

Friday, July 25, 2014

A report out yesterday from the Health and Social Care Information Centre shows a dramatic fall in the consumption by young people (aged 11 to 15) of our favourite demerit goods – alcohol, cigarettes and drugs. The report suggests that over the last decade regular smoking fell from 9% to 3% of 11- to 15-year-olds. Regular alcohol drinking dropped from 25% to 9%. Drug use has halved from 12% to 6% over this 10 year period.

This, of course, is very good news with regards to the relative health of our youth. As an economics teacher the first question I would ask my students is how this downturn has been achieved? What has happened either within the market or with government intervention to shift consumption in this way? It could be argued that this represents the most successful example of government intervention into markets to change behaviour and can be attributed to regulation, restriction of use and good old education! Information failure does not appear to have had an impact and the political will to succeed has been fairly uniform among the major parties in power.

For me, of course, it also offers the opportunity to do the next in my series of numerical activities in preparation for the arrival of the new specifications in 2015!

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MTR wins London CrossRail Operating Franchise

Monday, July 21, 2014

An important part of the CrossRail project has been decided with the news that the £1.4bn contract to run the new Crossrail service through London from 2018 has been awarded to Hong Kong-based MTR Corporation.

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Shareholder activism at the Royal Mail

Sunday, July 20, 2014

Shareholder activism regarding executive pay is covered in this article from the Guardian. Note too the emergence of TNT Post as a competitor in the cities for final mile delivery of business and household mail - the mail market is becoming more contestable.

The Royal Mail's latest market report is an interesting read for those who want to study market dynamics in more details - for example the continued growth (but high contestability) in parcels contrasted with a trend decline in the volume of letters sent through the post - click here for the 2014 market overview: http://ar2013-14.royalmailgroup.com/overview/marke...

Calculation time! CMA recommends banks provision of current accounts should be investigated

Friday, July 18, 2014

Today’s announcement that the Competition and Markets Authority (CMA) are recommending that the High Street Banks’ provision of current accounts should be investigated for lack of competition may not surprise many. The case study may be valuable when looking at competition in oligopolistic markets and a report can be found from this link.  The BBC take on the story can be found from this link.

I also thought it offered a chance to do some calculations! Given my current theme of bringing the new levels of assessment of numeracy and quantitative methods in the 2015 specifications of A level economics ever increasingly to the attention of our teaching community, where better to do some number work than when looking at market share in the banking industry!

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Price Cap introduced for the UK Payday Loans Market

The UK Financial Conduct Authority has announced direct interventions in the market for payday loans - the high cost short term loans market which has expanded rapidly in recent years led by businesses such as Wonga. The decision is the result of a detailed assessment of the industry which had flagged up a number of market failures.

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Universities, Business and the UK Economy

Thursday, July 17, 2014

Here is a short video featuring Mike Kitson from Cambridge University explaining the role universities play in knowledge exchange with businesses

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Dropbox and the failures behind it

Tuesday, July 15, 2014

According to some sources, Dropbox was the 37th online storage solution to be developed for the web - but despite early failures and late entry it has emerged as the cloud storage product of choice for over 300 million people. The firm is now estimated to be worth about £5.9bn.

This BBC article looks at the background to the story. Article can be found here: http://www.bbc.co.uk/news/business-27579790

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Contestable Markets - A New Retail Landscape

Monday, July 07, 2014

Here is a short FT background video on the challenges facing established food retailers in the UK. The supermarket is under pressure. They face competition from both hard discounters and upmarket retailers. The FT's Andrea Felsted visits Romford, on the outskirts of London, to examine how supermarkets are adapting to their new retail landscape. The Guardian's articles in changing competition in the food retail sector provide some excellent background pieces - click here to access: http://www.theguardian.com/business/supermarkets

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Paul Ormerod: Innovation, Job Losses and Living Standards

Wednesday, June 18, 2014

Here is your starter for ten. What do the Uber app and David Ricardo have in common? Ricardo, I hear you ask. Scarcely known outside academic economics, he ranks equal with Adam Smith and Keynes as the greatest ever British economist. His classic Principles of Political Economy was published in 1816. He made millions of pounds on the stock market, at a time when a million was a vast amount of money.

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​Disruptive technology: Uber

Wednesday, June 11, 2014

Technology always disrupts markets. It provides dynamic efficiency improvements, creates new markets, destroys old ones, and in some cases destroys monopolies and in others, creates new monopolies.

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Unit 3 Micro: Should Tesco be broken up?

Saturday, June 07, 2014

The supermarket giant Tesco is under increasing pressure! Tesco is Britain’s biggest retailer (it has 29% of the UK groceries market) and the biggest private-sector employer, and it runs about 7,000 stores worldwide. But it is facing significant commercial challenges from discount retailers such as Aldi and Lidl and seems to be squeezed in the middle as other shoppers look for the value proposition in stores such as Waitrose. Their recent trading figures made for sorry reading. For the three months to 24 May 2014, Tesco said like-for-like UK sales including VAT and excluding petrol fell 3.7%.

Is there a case for breaking up Tesco and getting the business to re-focus on what it does best? Two journalists from the Financial Times argue it out in the video below:

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Transport Economics: The Return of Trams - Benefits and Costs

Sunday, June 01, 2014

Trams have been experiencing a revival in a number of towns and cities in the past few decades. Edinburgh is the latest city to invest in trams, and hopes they will boost local economy. But do the benefits outweigh costs? Manchester, Sheffield, Blackpool, Nottingham, Newcastle and Croydon have all installed trams / light rail and others are considering investment. 

The Edinburgh trams at running (at last) but the jury will remain out for a long time about their net impact on economic activity, traffic congestion and the broader health of Edinburgh and the local environs.

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Unit 3 Micro: Ban on Eurotunnel ferry service confirmed by CMA

Friday, May 30, 2014

An important judgement from the newly established Competition and Markets Authority (CMA). They believe that competition is best served by having three major cross-channel service operators - namely EuroTunnel (rail) and two ferry operators.

The CMA has ruled against EuroTunnel being able to cross-subsidise the loss-making MyFerryLink on the Dover to Calais service because in doing so, it is likely to lead to the market exit of a rival provider and ultimately cause higher prices for consumers.

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Unit 3 Micro Business Economics Revision Guide

Saturday, May 24, 2014

Until the 3rd of June we are making available in streamed format the Unit 3 Business economics revision companion - a superb resource for AQA and ExExcel in particular

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World of Business: Focus on Business Pricing

What do prices mean and how are they set. A recent BBC World of Business podcast explored this and other issues.

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Quick revision of Key Phrases - the ‘Usual Suspects’ revision activity

Monday, May 12, 2014

Looking for a quick activity to help test revision of some of the key economic terms needed for the up-coming exams?  Here's a nice little test of knowledge that can either be used as an in-class activity or for individual students to use to test their own revision.

Called 'The Usual Suspects', students are given one minute to identify the definitions of as many key phrases from the micro and macro curriculum as they can.  Each phrase is shown alongside 4 possible definitions (from the wider pool).  Students must identify which is the correct answer.  If an incorrect answer is given, the student has to click to remove a 'bar' to allow them to continue with the test.

60 key phrases are included with each of the two resources below, so the activity can be run several times.  Who can get the highest score in one minute!

Click on this link for the macro version of the activity.

Click on this link for the micro version of the activity.

Economics Exam Technique: Thoughts on Improving Your Economics Papers

Friday, May 09, 2014

Here is a streamed presentation covering sone "Thoughts on Improving Your Economics Papers"

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UK Income and Wealth Inequality - A New Film

Thursday, May 01, 2014

Income and wealth inequality in the UK are higher than most people think they are and higher than they think they should be. These are among the messages of a new online infographics film:

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Cost Benefit Analysis - The Crossrail Project

Sunday, April 27, 2014

Here is a streamed version of a revision presentation on the Crossrail project, a good example to use when teaching transport economics and the main principles and issues governing a cost benefit analysis approach to infrastructure investment appraisal. It is designed for use with AS and A2 economics students.

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Unit 3 Micro: Revision on the Private Finance Initiative

Thursday, April 24, 2014

Here is a short revision presentation covering aspects of the Private Finance Initiative - which figures on unit 3 for EdExcel micro economics

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Unit 3 Micro: Tanzania’s cola wars

Saturday, April 19, 2014

Tanzanian cola producers are taking on Coca Cola and making headway in the battle for market share. Despite economic growth, there is a fragile middle class vulnerable to changes in world commodity prices and unstable employment and wages. This opens up an opportunity for indigenous food and drinks manufacturers who might be able to supply products at a lower price harnessing environmental aims such as recycling the majority of plastic bottles used.

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Test your knowledge on AS Macro Diagrams (Day two)

Tuesday, April 15, 2014

Here is the second in our series of resources aimed to testing student knowledge of the key diagrams for their upcoming exams.  Today's files are related to AS Macro diagrams.

The two files are aimed at teachers or students in the run up to their exams and assume that they have been covered previously.

Click here to download a Powerpoint file to use in class as a scrolling test (with accompanying music).  The test lasts 4 minutes and then teachers can reveal the answers one at a time.

Click here to download a document file that tests the same diagrams but in a static document format for either teachers to use in class or for students revising for their exams.

This link takes you to yesterday's (Day one) blog for the AS micro equivalent.

Unit 3 Micro: Business Objectives, Costs, Revenues and Profits

Monday, April 14, 2014

This blog entry brings together some of our revision resources on these crucial aspects of the theory of the firm. Scroll down below for revision notes, presentations and online quizzes for your to check your understanding.

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Unit 3 Micro: Some Key Diagrams for Business Economics

Sunday, April 13, 2014

Here is a selection of key diagrams for the Unit 3 business economics course

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The ‘SLAP the examiner’ evaluation tool for Economics

Thursday, April 10, 2014

Here at tutor2u, we like our acronyms to help students remember key phrases.  We're particular fond of any acronym that helps students remember how to structure paragraphs for more complex, evaluative answers that they have to give as part of their examination answers (search this site for WEESTEPS, BEESHATECOD and TWEEP).

Here's another such acronym (hat-tip to Paul Hoang, from Sha Tin College in Hong Kong for showing us this acronym), called 'SLAP the examiner' aimed at evaluation. I guess that this one has the advantage of containing only 4 letters(!).

The acronym stands for: 

S Stakeholder perspectives
L Long term vs short term implications
A Advantage and disadvantages of policy recommendations
P Priorities of the government or economy.

Click on this link to download a nice single sheet reminder of the acronym which has been applied to a couple of economics questions.

Normative statements - using E-Cigarette newspaper reports to look at normative statements

Friday, April 04, 2014

I'm sure that introducing the concept of normative statements is something that most Economics' teachers introduce early in the curriculum to show the dangers of expressing opinions without evidence.  It's a tricky balancing act that we have to play - as students start to write longer, evaluative pieces we are keen for them to make reasoned arguments that don't sit on the fence but warn them of the dangers of starting to rant.

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Unit 3 Micro: Energy firms face competition inquiry

Friday, March 28, 2014

The big six energy firms in the UK - who account for more than ninety per cent of suppliers to UK household, commercial and industrial consumers - will be subject to another investigation by the competition authorities.  

A report by regulator Ofgem has called for an investigation by the Competition and Markets Authority (CMA) which could take nearly two years to complete - effectively pushing the issue into the long grass well beyond the date of the next election. 

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Unit 3 Micro: Royal Mail - Industry Extracts

Tuesday, March 25, 2014

Here is a selection of short extracts on the Royal Mail and the changing structure of the industry. I have been using them when teaching Unit 3 business economics - it strikes me as an excellent case study for revising lots of parts of the course. I have added some links below to recent media coverage of Royal Mail stories.

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UCAS and Oxbridge - Delving into Management

A number of students have been asking me about suggested reading for and introductions to the study of management as they look ahead to a UCAS application in the autumn. Here are some thoughts.

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Unit 3 Micro: Pop Up Shops on the Underground

Saturday, March 15, 2014

In recent times, pop up shops (retail outlets available on very short term leases) have grown in popularity. In part this has been because of the increase in vacant retail space during and in the aftermath of the last recession. But increasingly other organisation are thinking about using their locations as opportunities to attract small retailers and/or retail start-ups. 

Transport for London is one such example. TfL owns more than 1,000 retail properties and this week TFL has signed a deal with Appear Here, an ‘online property agency’, to allow pop-up shops and restaurants in its tube stations. Consider the business potential for this kind of retail investment. Old Street is earmarked for this experiment - it is just a short walk from Silicon Roundabout in Shoreditch - the home of hundreds of emerging tech start up businesses.

Unit 3 Micro: Merger of Chiquita and Fyffes

Tuesday, March 11, 2014

A mega merger is creating the world’s largest banana company - it has been announced that Chiquita of the USA and Dublin-based Fyffes will be merging to form a giant banana distribution company.

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Price Regulation in Industries

Wednesday, March 05, 2014

Regulation of prices through price capping has been a feature of regulation of the utilities in the UK for many years – although this is now being phased out as most utility markets have become more competitive.

Price capping systems

  • Price capping is an alternative to rate-of-return regulation, in which utility businesses are allowed to achieve a given rate of return (or rate of profit) on capital.
  • In the UK, price capping has been known as "RPI-X". This takes the rate of inflation, measured by the Consumer Price Index and subtracts expected efficiency savings X. So for example, if inflation is 5% and X is 3% then an industry can raise their prices on average by only 2% per year
  • In the water industry, the formula is "RPI - X + K", where K is based on capital investment requirements designed to improve water quality and meet EU water quality standards. This has meant increases in the real cost of water bills for millions of households in the UK.

Advantages

Capping is an appropriate way to curtail the monopoly power of “natural monopolies” – preventing them from making excessive profits at the expense of consumers

Cuts in the real price levels are good for household and industrial consumers (leading to an increase in consumer surplus and higher real living standards in the long run).

Price capping helps to stimulate improvements in productive efficiency because lower costs are needed to increase a producer’s profits.

  • The price capping system is a tool for controlling consumer price inflation in the UK.

Disadvantages

Price caps have led to large numbers of job losses in the utility industries

Setting different price capping regimes for each industry distorts the price mechanism

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Unit 3 Micro: Facebook Buys WhatsApp

Friday, February 21, 2014

In a bold move in the continuing battle between Facebook and Google to dominate the next phase of digital / mobile growth, Mark Zuckerberg's listed business has agreed an £11bn acquisition of WhatsApp - a deal to be paid in a combination of cash and shares.

The total value of the deal is staggering high for a business that employs just over 50 people.

  • The price Facebook is paying for WhatsApp is more than ten times what Google spent on YouTube
  • It is more than 20 times what Facebook paid for Instagram
  • The $19bn paid for WhatsApp works out at $40 for each of its 450m users!
  • The $19bn deal to buy WhatsApp is more than 10% of the annual value of Ukranian GDP

What are some of the justifications for such a mega-priced deal?

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Unit 3 Micro: Monopolistic Competition

Saturday, February 15, 2014

This is an updated revision presentation on aspects of monopolistic competition in markets

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Behavioural Economics: Rory Sutherland on Valentine’s Day

Watch this short six minute video to learn how London cabbies are a lot like the ideal boyfriend. Rory Sutherland on excellent form again! In six minutes he discusses sunk costs, commitment devices, human capital, information failures and price discrimination in restaurants on Valentine's Day. 

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Government underestimates the amount of student loans that are likely to be paid back

Friday, February 14, 2014

According to a report published by the Parliamentary Public Accounts Committee, the Government are currently underestimating how many students will actually pay back their university loans over the coming decades.  Currently, the Government estimates that between 35 and 40% of loans to Higher Education students are never paid back - the Committee believes that the rate on non-repayment is much higher and reflects a weakness in the loan collection method.  The primary reason for non-repayment is that student details get lost over a period of time particularly if the graduate moves and works abroad or was an EU citizen who has returned to their own country.  The method of using the income tax registration process as a way of locating former students has been criticized for not being an effective method of collecting information.  It is estimated that the shortfall could be as much as £80 million by 2042.

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Perfect Competition vs Monopoly Essay Guide

Monday, February 10, 2014

A quick but informative guide on how to structure an essay evaluating perfect competition and monopoly. For more videos, click here

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Energy companies charge cash-paying customers more - market failure and Government intervention

Tuesday, February 04, 2014

If you attended the recent tutor2u revision conferences for up-coming micro-economic exams (look out for the macro workshops and combined micro and macro to come in March) you will have seen how fuel-pricing was used as an example of market failure, government intervention strategies and government failure.  

Fortunately, the energy market is a gift that keeps giving to us in the economics world (every cloud has a silver lining) as a report out today (see this link for the BBC version of the story) indicates that Parliament is about to intervene to try and stop the energy companies charging more to customers who pay by cash rather than by direct debit (£114 per year, according to the report).

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Game Theory - The Hotelling Model of Spatial Location

Monday, February 03, 2014

Here is a really well produced and clear visual explanation of the Hotelling model of spatial location. As two competitive cousins vie for ice-cream-selling domination on one small beach, discover how game theory and the Nash Equilibrium inform these retail hot-spots. A good short video to use when teaching or learning about game theory.

For more ....Tutor2u's Introduction to Game Theory

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Superbowl Adverts - Has the Viral Video Trumped the Big Event?

Saturday, February 01, 2014

The cost of a thirty second advertising slot at the annual Superbowl final is immense. This year advertisers are paying $4 million dollars for a 30 second advertisement during America's largest televised event. But big hits on the social web often produced at a tiny fraction of the cost challenge the conventional view that mega bucks spent reaching a TV audience remains a viable way of using the marketing dollars. This short news video from the Financial Times is a useful reminder of the importance attached to brand advertising by some of America's biggest consumer products.

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Unit 3 Micro: Perfect Competition Summary

Friday, January 31, 2014

Here is an updated revision presentation on aspects of perfect competition - A2 economics revision notes can be found here

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