Reference no: EM132875926

Answer All questions

1. Discuss five determinants of the elasticity of supply

2. Describe six factors that might cause a shift of the supply curve in an economy

3. Summarize five exceptions to the law of demand

4. Distinguish between 'own price elasticity of demand ' and 'cross price elasticity of demand'

5. Outline four factors that would lead to a rightward shift in the demand curve

6. Outline four factors that determine the price elasticity of demand of a commodity

7. Distinguish between a 'price ceiling ' and a 'price flour'

8. Define the term 'consumer surplus'

9. Highlight three exceptions to the law of diminishing marginal utility

10. Outline four limitations of the cardinal approach to the theory of consumer behavior

11. Outline four assumptions underlying consumer equilibrium

12. Examine five factors that are likely to influence the cost behavior of a firm

13. With the aid of appropriate diagrams describe three properties of indifference curves

14. Explain four applications of indifference curve analysis in economic decision making

15. State the law of diminishing marginal utility