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I am stuck at both of this question. Please explain deeply. QUESTION 4 a) Define price elasticity of demand and explain four (4) determinants of

I am stuck at both of this question. Please explain deeply.

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QUESTION 4 a) Define price elasticity of demand and explain four (4) determinants of price elasticity of demand. (10 marks) b) Discuss how demand-pull inflation takes place. Explain the type of monetary policy and two (2) monetary instruments that can be used to reduce the inflationary effect. (10 marks) QUESTION 5 a) Briefly define protectionist policy. Discuss four (4) reasons for the implementation of protectionist policy. (10 marks) b) Elaborate four (4) reasons why countries trade with one another. (10 marks)

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