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Knowledge of price elasticity and income elasticity

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(a).Using diagrams explain why firms do not immediately go out of business if total revenue fails to cover total costs of production.

(b).The price and income elasticity of demand is an important concept for any businessmen and every government in their decision making. You have been appointed as the Manager of a small and medium enterprise.

Explain how the knowledge of price elasticity and income elasticity of demand can be of use to you. Use illustrative examples to support your answer.

Reference no: EM132548524

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