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The price of oil has recently reached new highs and Britain now has some of the highest taxes on petrol in Europe. Examine the impact on the consumer demand for car, bus, and train travel of a further increase in the costs of motoring. In your essay, you
Member rating: No Rating | Words: 1258 | Submitted: Mon Dec 31 2007
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Economics Level 1 Q1) The price of oil has recently reached new highs and Britain now has some of the highest taxes on petrol in Europe. Examine the impact on the consumer demand for car, bus, and train travel of a further increase in the costs of motoring. In your essay, you should make use of economic concepts such as demand, price elasticity, and income elasticity. Matriculation Number: 0509206 Tutorial Group: 11 Words count: 1258 Tutor's Name: Hilary Macleod Introduction: Why does the price of oil keep escalating over the past century, and recently reach new peaks? In general, the answer to the question is directed to few main contributing factors that are unexpected closure of oil production, on-going Iraq war, destructive natural disaster and further increment of government taxes on petrol. These factors closely play a part in affecting the supply and demand of oil in the commodity market where the consequence of...
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