principles of microeconomics 1. The Price of Samsung SII was RO.170/- and...
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principles of microeconomics
1. The Price of Samsung SII was RO.170/- and the quantity demanded was 500 units, but suddenly the price decreased to R.O. 160/- after a time period and the demand increased to 650 units. Find out the elasticity for Samsung Sll mobile and its type of Elasticity.- -2 marks 2. Calculate the Income Elasticity of Demand for each if the following goods and find the type of elasticity and type of good whether Normal, Superior or Inferior good.-3 marks Goods Type Quantity Quantity Demanded when Demanded Income = 1000 when Income = 2500 Good A 20 30 Good B 10 3 Good C 3 10
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