Describe the idea of price elasticity of demand. explain, Ask an Expert

Economics

Q1. Describe the idea of price elasticity of demand. describe why does the formula encompass a negative sign?

Q2. describe why is the elasticity formula, free of units?

Q3. Sketch the demand curves if:

a) e_d > 1
b) e_d< 1.

Q4. Determine the slope of the demand curve if the demand curve is:

a) Vertical
b) Perfectly horizontal

Q5. Define the term income elasticity and use it to comment on the nature of a variety of goods.

Q6. Describe as what would happen to the demand for kerosene stoves when:

a) Price of LPG cylinders increase.
b) Price of Kerosene oil increases.

Q7. Illustrate the two properties of the demand curve?

Q8. Define the term supply. describe how is a supply equation specified?

Q9. Describe two reasons as to why the supply curve is rising upward.

Q10. Define the idea of equilibrium with respect to the demand and supply curves.

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M912398

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