Suppose you are a manager for Unga Millers Ltd, a firm that produces unga. m Given the
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Question:
Suppose you are a manager for Unga Millers Ltd, a firm that produces unga.
m Given the market demand for a packet of Unga as x=100+- and the price of a 10p packet of unga is Ksh 45. If the consumer's income is given as Ksh 120000;
i). Determine the demand for unga.
(2marks)
ii). If the market price of unga reduced to Ksh 30, determine the total effect, substitution effect and the income effect of the price change on the demand for unga. (6marks).
Related Book For
Management information systems
ISBN: 978-0073376813
10th edition
Authors: James A. O Brien, George M. Marakas
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