Question 1 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 elucidation? Marks) b) Price elasticity of supply measures the responsiveness of sellers to changes in the price of a product Discuss? (5: Marks) () The circular flow of economic activity shows the connections between firms and households in input and output markets Discuss? 15: Marks