Price elasticity of demand, Business Economics


(a) Explain the relationship between scarcity, choice and opportunity cost.

(b) How is choice about the use of scarce resources made in a market economy?


(a) Briefly explain, what is meant by

(i) Price Elasticity of Demand

(ii) Income Elasticity of Demand

(iii) Cross Elasticity of Demand

(b) "Consumers and producers pay equal amount of a per-unit tax." Discuss.

Posted Date: 10/26/2013 6:35:45 AM | Location : United States

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