List and explain the factors that influence price elasticity of
demand. What will make demand more or less elastic?
Explain the relationship between price elasticity and total
revenue.
Define and explain how marginal, total and average values are
related in general and specifically for utility, product, cost,
revenue and profit.
Explain why diminishing marginal utility is related to the Law
of Demand.
Explain the difference between economic and accounting
profit.
Explain why increasing MC is related to the Law of...