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Problem :
(a) Describe the law of demand and the factors affecting demand.
(b) llustrate and Explain how demand of a commodity will change if there is a tax on that product.
(c) Describe the term Price Elasticity of Demand, how it is calculated and give an example of price elasticity and inelasticity.
(d) Distinguish between a variable cost and firm's fixed cost and give an example of each.
Steel and aluminum production Steel Canada 500, France 1200 Aluminum Canada 1500, France 800 The maximum amount of steel or aluminum that Canada and France can produce if they full
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When somebody wearing muddy shoes rides a public bus, he imposes a negative externality on other riders (passengers get some mud rubbed off on them, and the shoes look ugly). If a
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