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You could add some diagrams,citations and references and you could explain the questions detailedly.Thanks! Q1 (a) Explain how greater advertising by a firm may reduce

You could add some diagrams,citations and references and you could explain the questions detailedly.Thanks!

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Q1 (a) Explain how greater advertising by a firm may reduce the price elasticity of demand for its product. (25 marks) (b) What factors determine the cross-price elasticity of demand? (25 marks) (c) Explain why firms will always maximise revenue by charging a price where demand is unitary elastic. (25 marks) (d) Explain why firms will always maximise profit by charging a price where demand is elastic. (25 marks) (100 marks)

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