Question 01:

A)"Price elasticity of demand is an economic measure of the change in the quantity demanded or purchased of a product in relation to its price change." Discuss this statement and support your discussion with mathematical calculation? (5 Marks)

B)Discuss how does Price elasticity of supply measures the responsiveness of sellers to changes in the price of a product.? (5 Marks)

C)The circular flow of economic shows the connection between farms and households in input and output Markets. Discuss?(5 Marks)