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Problem :
(a) Describe the law of demand and the factors affecting demand.
(b) llustrate and Explain how demand of a commodity will change if there is a tax on that product.
(c) Describe the term Price Elasticity of Demand, how it is calculated and give an example of price elasticity and inelasticity.
(d) Distinguish between a variable cost and firm's fixed cost and give an example of each.
What are the possibilities of returns to scale in production technology? Three possibilities are there as: technology exhibits (a) constant returns to scale; (b) decreasing ret
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opportunity cost
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Use a supply and demand diagram to help explain how a city council might help to decrease traffic congestion in the city during weekends. pointing out that demand happens d
What happens to the market for cchicken wings if the price of beer increases?
How do you draw the demand curve Q = 100 - 50P and indicate which portion of the curve is elastic, which is enelastic, and which is unit elastic?
Functions of the WTO: The WTO performs the following functions: • It administers through various councils and committees the 29 agreements contained in the final act of
What are the uses of elasticity to the private sector
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