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Problem:
i) What is meant by ‘own' price elasticity of demand? What factors are likely to affect the size of this elasticity?
ii) A publicly owned bus line is running at a loss. It is suggested that the loss can be reduced by changing the price of the bus rides. Explain why whether the demand for bus rides is elastic or inelastic may affect whether the appropriate change in price is a price increase or a price decrease.
iii) The very existence of market failure suggests government intervention and provision. Discuss.
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what is demand
The price elasticity of demand is how economists calculate the responsiveness of consumers to alters in prices for a commodity. In other words, as price enhances (reduces), the qu
1. Suppose we observe that the price of soyabeans goes up while the quantity of soyabeans sold goes up as well. Use the supply and demand curves to illustrate two possible explanat
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1. "Price discrimination allows a monopoly to increase its economic profit by capturing part of the consumer surplus and turning it into economic profit. Such a situation however l
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