problem 1:
a) Define the term demand.
b) Illustrate the law of demand.
c) In brief describe the reasons for the downward sloping demand curve.
problem 2:
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.
problem 5:
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.
problem 7:
a) Define the term income elasticity.
b) Describe as to how we can categorize goods according to the different values.
problem 8:
a) Describe the different factors influencing the elasticity.
b) Illustrate the uses of the idea of elasticity.