Answer to Question #135382 in Economics for nontobeko

Question

1.Identify one product of your choice that is sold in grams, kilograms,millilitres; litres in a tabular format ;record five quantities and the price of the the product. Your schedule should have a heading
2. Draw a well -labelled graph using the information on the table /schedule.
3.What is the slope of your graph? Which low can you relate the slope to? Motivate your answer.
4.Assume the price of the product has increased by R5 in all the quantities you listed in question 1 .Design a table which shows what quantities will be demanded at which price? Copy a the geaph in quesrion number 2 to 4 ; then sketch the demand curve
5. Briefly explain and illustrate graphically the impact the change in consumers tastes and preferences will have on the original demand curve.

Answer 1

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