Questiona explain the law of demand and the factors, Ask an Expert

Economics

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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Business Economics, Economics

Category:- Business Economics
Reference No.:- M9586041

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