Answered step by step
Verified Expert Solution
Question
1 Approved Answer
5 The demand for smartphones has become more price-inelastic as the range of functions available has increased. In low-income countries, smartphones are an important tool
5 The demand for smartphones has become more price-inelastic as the range of functions available has increased. In low-income countries, smartphones are an important tool for economic development. This is because they provide access to education and banking services which were once not available in rural areas. Smartphones have made it easier for people to borrow and save their money. (a) Define economic development. [2] (b) Explain two reasons why children in rural areas may receive less education than those in cities. [4] (c) Analyse the advantages of selling a product which is price-inelastic in demand. [6] (d) Discuss whether or not an increase in the level of savings is beneficial for an economy. [8]
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started