New Application Videos on Business Economics

Continuing the theme of the importance of application in exam questions - some exam boards do include the phrase "using an industry of your choice" in their papers - I have added some more short videos covering external economies of scale, non-price competition between cinemas and economies of scale in the budget hotel market.

Business Economics - Non Price Competition between Cinemas

This short revision video considers some examples of non-price competition in the oligopolistic cinema industry in the UK.

Business Economics - Examples of External Economies of Scale

In this short revision video on external economies of scale, we look at three examples of areas and regions where a clustering & concentration of skilled labour and investment (financial and physical) has helped drive innovation and growth from external economies of scale.

Business Economics - Economies of Scale in the UK Hotel Industry

This short revision video considers some of the internal economies of scale that might be used by large-scale hotel chains such as Premier Inn and Travelodge. Economies of scale are important for these businesses who aim to use low average prices and dynamic pricing to keep hotel occupancy rates high and achieve supernormal profits.