a) Using an illustration. Explain the law of demand. [3 Marks] b) Suppose you are a...

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a) Using an illustration. Explain the law of demand. [3 Marks] b) Suppose you are a manager of Maneno Traders, explain to the Board of Directors 4 factors that may influence your demand curve for radio sets your company has just brought in the market. Use illustrations where necessary. [8 Marks] c) With an example differentiate between unit elastic, elastic and inelastic demand. [4 Marks] a) Using an illustration. Explain the law of demand. [3 Marks] b) Suppose you are a manager of Maneno Traders, explain to the Board of Directors 4 factors that may influence your demand curve for radio sets your company has just brought in the market. Use illustrations where necessary. [8 Marks] c) With an example differentiate between unit elastic, elastic and inelastic demand. [4 Marks]

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a The law of demand is a fundamental principle in economics that states that as the price of a good or service increases the quantity demanded of that ... View the full answer