VDiscuss the three steps involved in the study of consumer behaviour. Give relevant examples in...
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VDiscuss the three steps involved in the study of consumer behaviour. Give relevant examples in each case. [25 marks) 2.) What is market demand? Assume that there are only two goods (X and Y), and two individuals (1 and 2). Using suitable mathematical expressions and diagrams, derive the demand curves for individual 1 and 2 as well as the market demand. [25 marks] 3. Discuss in details the key characteristics of perfect competition market, oligopoly and monopoly markets. [25 marks]
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