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Explain the term price control as used in economy

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Reference no: EM132873157

1. State three reasons why the demand curve slopes downwards

2. Explain five factors that demand the price elasticity of supply of a commodity

3. Enumerate six factors that could lead to a rightward shift of the supply curve

4. Explain the term "price control " as used in economy

5. Highlight eight reasons for price control in an economy

6. A)explain the term elasticity of supply

b) summarize three applications of elasticity of supply in an economic decision making

7. Differentiate between partial equilibrium analysis and general equilibrium analysis as used in economics

8. Differentiate between giffen good and 'inferior good'

9. With reference to demand and supply analysis identify six effects of fixing the maximum price of a commodity below the equilibrium price

10. Outline six assumptions underlying the derivation of the demand curve

11. Outline five determinants of the elasticity of supply

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

13. Summarize five exceptions to the law of demand

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

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

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

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

Reference no: EM132873157

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