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 for a product or service.

(b) Explain and illustrate diagrammatically how the market demand for a product will react if there is a tax imposed on the good.

(c) What you understand by Price Elasticity of Demand? Illustrate and explain with examples, price inelasticity and elasticity and how it helps in decision making at firm's level.

(d) Distinguish between a firm's fixed cost and variable cost and give examples.

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M9586047

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