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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) ed > 1
b) ed < 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.

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M912398

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