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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.
What are the requirements of national figure to adjusting? National figures first require adjusting: • For population: Dividing Gross Domestic Product (GDP) by total populat
What effect would a rule stating that university students must live in university dormitories have on the price elasticity of demand for dormitory space? What impact might this in
Question 1 Part A - The following schedule shows the market for oranges. Use this data to answer the questions below. Provide full calculations for all your answers. (i)
using 8 units of production resource to produce 10,000 c0ws by a farmer how many sheep could he have produced
as a result of 2008 financial crisis, there was loss of construction jobs in us, since home developers stopped building new homes. in your opinion which type of unemplyment is res
How is the installation and commissioning affects the IS project? Installation and commissioning: This stage of a project is frequently either forgotten or underestimated
Explain about the term underemployment and unemployment rate. Discouraged employees are non-working people who are able of working although are not actively in search of a job.
What are the traditional, modern sectors and rural-urban migration? Rural-urban migration: Rural-urban migration is the movement of labour through the countryside to cities
what factors affect the volume of production in an economy
The prevention of main swings in economic activity can be handled most simply by the household sector. Explain why?
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