Question 1

 

Question 1 examines chapters 2 to 7 of your book and mainly asks about the topics listed below.

CONSUMER

DEMAND

SUPPLY

EQUILIBRIUM

ELASTICITY

Here are a few links that will help with understanding elasticity:

What is Elasticity? 

Elasticity of Demand

Calculating P.E.D – Video 1

Calculating P.E.D – Video 2

Factors That Determine P.E.D – An Example

 

COSTS OF PRODUCTION

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