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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.
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You have an opportunity to invest in a new plant. The fixed costs are $100,000 per year. The marginal cost of production is $2 for a quantity up to 10,000 units per year. The margi
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Explain, using the example of museum visits, own price, cross-price and income elasticity of demand; consider own price elasticity for various demographic groups. Use diagrams wher
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