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{"ops":[{"insert":"1.\ta) Explain the concept of scarcity, choice and opportunity cost.\nb) Illustrate & explain the maximum and minimum price fixation by government.\nc) Distinguish between a shift in demand and a movement along the demand curve.\n\u00a0\u00a0\u00a0\u00a02. a) Explain clearly the determinants of demand for a commodity.\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0b)\u00a0Calculate the price elasticity of demand for the product X & Y\t\nPrice of product\/Unit of X\tQuantity Demanded of X\n100\t100\n120\t20\n\nPrice of product\/Unit of Y\tQuantity Demanded of Y\n100\t20\n200\t15\n\u00a0\u00a0\u00a0\u00a0\u00a0c) The demand and supply functions are given as follows;\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Qd=1000-60P and Qs=600+40P\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Determine the Equilibrium price and quantity.\u00a0\n\n"}]}
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