Price elasticity of demand, Business Economics

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QUESTION 1

(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?

QUESTION 2

(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.

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