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purplebear36Lv1
28 Sep 2019
The microeconomic concept of elasticity is useful to the business managers as well as
government managers. Using relevant examples from an economy or business that you are
familiar with, discuss the following:
(a) Importance of elasticity of demand of a specific good to the government.
(b) Importance of Price Elasticity of Demand (PED) to the producer of the good. (10 Marks)
(Max -1 page)
(c) Importance of Cross Elasticity of Demand to the Business. (10 Marks) (Max-1 page)
Note: All answers must be accompanied by a brief description of the commodity and the nature
of the business then the relevance of the elasticity concepts in the business/economy.
The microeconomic concept of elasticity is useful to the business managers as well as
government managers. Using relevant examples from an economy or business that you are
familiar with, discuss the following:
(a) Importance of elasticity of demand of a specific good to the government.
(b) Importance of Price Elasticity of Demand (PED) to the producer of the good. (10 Marks)
(Max -1 page)
(c) Importance of Cross Elasticity of Demand to the Business. (10 Marks) (Max-1 page)
Note: All answers must be accompanied by a brief description of the commodity and the nature
of the business then the relevance of the elasticity concepts in the business/economy.
Deanna HettingerLv2
29 Sep 2019
