Solve clearly

QUESTION TWO [25] 2.1 Explain the pricing strategy of a firm that faces an elastic demand curve for its good or service. Choose the most appropriate diagram from below as the basis for your answer.(11) 2.2 Discuss the consumer equilibrium condition according to utility theory. (8) 2.3 Differentiate between the shortrun and longrun time period of a firm according to production and cost theory. (6)