Discussion question 1 (10marks)Considering crude oil as a product in the market, discuss its elasticity. You need to consider type of good, price elasticity of demand and supply, and the time factor. Your answers must company two diagrams, showing elasticity and

| February 14, 2018

Discussion question 1 (10marks)Considering crude oil as a product in the market, discuss its elasticity. You need to consider type of good, price elasticity of demand and supply, and the time factor. Your answers must company two diagrams, showing elasticity and inelasticity. This also needs to take into account the short run and the long run factor.Discussion question 2 (10 marks)Choose a product (e.g. ice cream) and discuss binding price ceiling and binding price floor with an example. Your an …

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