1.1 List and explain the 5 categories of price elasticity of demand (10Marks) 1.2 Briefly explain...

1.1 List and explain the 5 categories of price elasticity of demand (10Marks)
1.2 Briefly explain any determinants of the price elasticity of demand
1.3 With the aid of fully labelled diagrams, explain how a perfectly competitive firms adjust to earning only normal profits in the long run from a position of economic profit/loss in the short run(10marks)

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Rahul Sunny answered 1 year ago

3.1 Briefly explain price elasticity of demand and how it is measured. (5) 3.2 Explain any...

3.1 Briefly explain price elasticity of demand and how it is measured. (5) 3.2 Explain any THREE (3) determinants of price elasticity of demand. (6

Explain with diagrams and relevant examples, THREE categories of price elasticity of demand

List and explain the determinants of the price elasticity of demand and supply.

QUESTION 3 (20) 3.1 Briefly explain price elasticity of demand and how it is measured. (5)...

QUESTION 3 (20) 3.1 Briefly explain price elasticity of demand and how it is measured. (5) 3.2 Explain with diagrams and relevant examples, THREE (3) categories of price elasticity of demand. (9) 3.3 Explain any THREE (3) determinants of price elasticity of demand

Explain with diagrams and relevant examples, THREE (3) categories of price elasticity of demand.

Briefly explain the behavior of consumers and businesses as illustrated in the “price elasticity of demand” and...

Briefly explain the behavior of consumers and businesses as illustrated in the “price elasticity of demand” and “price elasticity of supply”.

List and explain the factors that influence price elasticity of demand. What will make demand more...

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...

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1.1 List and explain the 5 categories of price elasticity of demand (10Marks) 1.2 Briefly explain...

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