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

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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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