Reference no: EM132877740

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

2. Outline five determinants of the elasticity of supply

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

4. Summarize five exceptions to the law of demand

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

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

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

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

9. Define the term 'consumer surplus'

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

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

12. Outline four assumptions underlying consumer equilibrium

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

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