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Blog

Minimum prices to give shops £700 million - price elasticity of demand

Jim Riley

29th September 2010

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It has been claimed that the proposed minimum price of alcohol will lead to a £700 million windfall for large supermarket chains instead of reducing consumption as hoped. How can this be explained using the concept of elasticity of demand.

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Jim Riley

Jim co-founded tutor2u alongside his twin brother Geoff! Jim is a well-known Business writer and presenter as well as being one of the UK's leading educational technology entrepreneurs.

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