QUESTION FOUR a) Define both price elasticity of demand and income elasticity of demand (4 marks) b) State and explain the main factors that determine the price elasticity of demand (6 marks) c) Explain briefly why a business manufacturer of goods will find it is important to know the price and in...

a Price elasticity of demand is a measure of the responsiveness of quantity demanded to a change in ...

QUESTION FOUR a) Define both price elasticity of demand and income elasticity of demand. (4 marks)...

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Law and economics

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QUESTION FOUR a) Define both price elasticity of demand and income elasticity of demand. (4 marks)...

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Law and economics

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