1. 1: Interpret and explain income and cross elasticities.
2. 2: Identify differences between industry and firm demand.
3. 3: Discuss network effects.
4. 4: Derive and graph demand curve, marginal revenue, total revenue and price elasticity when given a linear demand function.

Answer rating: 100% (QA)

1 Income elasticity of demand measures how the quantity demanded of a good changes in response to a change in consumers income We can well define it a... View the full answer