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Inflation (RPI) - another imperative channel. Oil is a necessity for the UK, and is price inelastic therefore one can analyse the correlation between a price shock and inflation. It is to be expected that an increase in the price of oil would lead to increased inflation, which would then impose pressures onto GDP. Thus it is of vital importance to observe the relationship between oil and inflation. The data is given as the quarterly rate of change from the previous 12 months.
Explain the concept of elasticity and describe why the supply of petrol in the short run is relatively inelastic.
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Question 1: "Motivation denotes to the degree of readiness of an organism to pursue some designated goal and implies the evaluation of the nature and locus of the forces, inclu
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