Explain the law of demand and the factors affecting demand, Business Economics

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QUESTION

(a) Explain the law of demand and the factors affecting demand.

(b) Explain and illustrate how demand of a commodity will change if there is a tax on that product.

(c) Explain the term Price Elasticity of Demand, how it is calculated and give an example of price elasticity and inelasticity.

(d) Distinguish between a firm's fixed cost and variable cost and give an example of each.

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