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problem a describe the law of demand and the

Problem :

(a) Describe the law of demand and the factors affecting demand.

(b) llustrate and Explain how demand of a commodity will change if there is a tax on that product.

(c) Describe the term Price Elasticity of Demand, how it is calculated and give an example of price elasticity and inelasticity.

(d) Distinguish between a variable cost and firm's fixed cost and give an example of each.

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