Question
N 17 Quest b (iii) (iii)Discuss how knowledge of price elasticity and income elasticity might beof practical use to a firm dealing in the sales
N 17 Quest b (iii)
(iii)Discuss how knowledge of price elasticity and income elasticity might beof practical use to a firm dealing in the sales of mobile phones in decidingon its revenue strategy.[10 marks]
J 18 Quest 1 b
(iv) The price and income elasticity of demand is an important concept for any businessmen and every government in their decision making.
You have been appointed as the Manager of a small and medium enterprise. Explain how the knowledge of price elasticity and income elasticity of demand can be of use to you. Use illustrative examples to support your answer.[12 marks]\
j 18 Quest 3 (b)
(b) With the aid of diagrams, compare and contrast the long-run equilibrium position of a monopoly with that of a perfectly competitive firm, paying
special attention to efficiency.[15 marks]
N 18 Quest 3(d)
(d)Using diagrams explain why firms do not immediately go out of business if totalrevenue fails to cover total costs of production.[8 marks]
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