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Question 1:
Define the concepts price elasticity of demand, income elasticity of demand and cross elasticity of demand and explain how these concepts can be useful to the manager of a travel agent.
Question 2:
Using relevant examples to illustrate your arguments, analyze the different economic impacts of tourism and discuss the different ways in which government can maximize the economic benefits from the industry.
Question 3:
Using relevant examples to illustrate your arguments, analyze the different factors likely to influence the demand for tourism products.
Question 4:
Outline the short run and long run equilibrium of a monopoly market using examples from the tourism and/or hospitality sector to illustrate your arguments.
equation for a demand curve is p=2/q. what is the elasticity of demand if price falls from 5 to 4
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Let {(y i ; x i ); 1 ≤ i ≤ n} be an i.i.d sequence of random variables where yi and xi satisfy the linear relationship y i = β 0 + β 1 x i + ∈ i with Cov(x i ; ∈ i ) = 0
Price: The price factor is another important variable to be included in demand analysis. Here one has to consider the prices of the product and also its substitute and complement
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Explain why each of the following factors may influence the own price elasticity of demand for a commodity. (i) Consumer preferences, that is, whether consumers regard the commod
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what is the application of consumer surplus
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