Economics being able to explain everything is demonstrated yet again in this video clip which looks at why the price of christmas trees have gone up.
(a) What has happened to affect the supply of Christmas trees?
(b) What is your estimation of PED for Christmas trees given the two conflicting opinions from the great British public featured in the clip?
(c) Draw a diagram illustrating the supply and demand of Christmas trees. Cut it out, stick it on a card and send it to your closest family and friends. I guarantee they'll never have received a Christmas card like it: mine hadn't.
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