Explain why all firms aim at growing big in size, Business Economics

QUESTION

a) Differentiate between price, income and cross elasticity's of demand.

b) How can the concept of price elasticity be useful to the owner of a supermarket who wants to maximise sales revenue? Explain your reasoning, with the help of appropriate examples and diagrams.

c) Distinguish, with the help of diagrams and examples, between a firm's fixed cost and variable cost.

d) Explain why all firms aim at growing big in size.

Posted Date: 10/26/2013 3:34:16 AM | Location : United States







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