a) Define the term demand.
b) Illustrate the law of demand.
c) In brief describe the reasons for the downward sloping demand curve.
a) Describe as to how the individual demand curve can be derived?
b) How can one derive the market demand? Describe the idea by using the desirable suppositions.
problem 3: Describe the idea of shift in demand. Illustrate the factors influencing the shift in demand?
problem 4: Describe the possible cases as to when we can predict the exceptions to the law of demand.
a) Define the term price elasticity of demand.
b) Describe the method of computing it?
problem 6: Describe as why the price elasticity of demand differs all along with the straight line demand curve.
a) Define the term income elasticity.
b) Describe as to how we can categorize goods according to the different values.
a) Describe the different factors influencing the elasticity.
b) Illustrate the uses of the idea of elasticity.